N.J.A.C. 18:7-3.8 - Investment Company Other Than a Captive Investment Company; Tax Self-assessed and Payable

(a) The tax payable by an investment company entitled and electing to report as such is a tax measured by 40 percent of its taxable net income at the rate provided by law.

(b) In no case shall the total tax be less than $250.00 provided that for privilege periods beginning on and after January 1, 2002, the tax shall not be less than$ 500.00, except that for a taxpayer that is a member of an affiliated group or a controlled group pursuant to I.R.C. § 1504 or 1563 and whose group has total payroll of $5,000,000 or more for the privilege period, the minimum tax shall be$ 2,000 for the privilege period.

(c) A captive investment company meeting the definition at N.J.S.A. 54:10A-4(hh) shall be taxed in the same manner as a C corporation and not as an investment company.