BAIT and Nonprofit Bills Progress in New Jersey Legislature

By Jeff Kaszerman, NJCPA Government Relations Vice President – January 11, 2022
BAIT and Nonprofit Bills Progress in New Jersey Legislature

The New Jersey Legislature met on Jan. 10, 2022. Two bills that the NJCPA supports were voted on.

New Jersey Business Alternative Income Tax (BAIT)

The BAIT clean-up bill drafted by the NJCPA was amended on the floor of the Assembly to make the effective date Jan. 1, 2022. The original date was retroactive to Jan. 1, 2021.

The bill passed the the New Jersey Legislature on Jan. 10 and now awaits Governor Murphy's signature. If he doesn't sign by Monday, Jan. 17, the bill will automatically be vetoed and will need to be re-introduced in the next two-year legislative session.  We will provide updates as they become available.

Click here for more details on this bill.

Nonprofit Audit Threshold

Legislation support by the NJCPA Nonprofit Interest Group which would raise the threshold for nonprofit audits from $500,000 to $1 million – and exclude certain in-kind donations from that total – passed the egislature on Jan. 10 and now goes to the Governor for his consideration. If he doesn't sign by Monday, Jan. 17, the bill will automatically be vetoed and will need to be re-introduced in the next two-year legislative session. 


Jeffrey  Kaszerman

Jeffrey Kaszerman

Jeff Kaszerman is the vice president of government relations for New Jersey Society of CPAs. He works with the CEO and board of trustees to create and implement advocacy initiatives that protect and promote the interests of the CPA profession, the business community and the public.

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