New Jersey: Annual Report Fee Increase & Expedited Reinstatement/Termination Initiative

Effective July 1, 2019 (pursuant to Assembly Bill 5607), changes have been made to the filing fees for annual reports and reinstatements in the state of New Jersey. The annual report filings fees have increased from $50 to $75 for profit entities and from $25 to $30 for non-profit entities. Prior to this increase, these fees have not been increased since 2002. Annual reports that are not due until September 30,2019, but were paid prior to the July 1 effective date are not required to pay the increased fee amount.

Additionally, the bill provides that the State Treasurer will establish a period of 180 days (to end no later than June 15, 2020) during which a business entity that has had its charter revoked or has been placed on the inactive list can achieve reinstatement or terminate operations in a streamlined manner via a single application and supporting documentation with the Division of Revenue and Enterprise Services. The entity applying for expedited reinstatement or dissolution shall attest it has satisfied any known tax obligations and pay a one-time fee of $500, but shall not be required to request tax clearance or be liable for additional administrative fees for reinstatement or termination of charter.

The intent of the temporary initiative is to help the approximately 370,000 business entities presently in an inactive or revoked status achieve reinstatement or termination more easily and without risk of exposure to additional tax compliance issues.

To read Assembly Bill 5607 in its entirety, go here.