Mark your calendars! The New Jersey Department of the Treasury recently announced a new one-time program authorized by recent legislation aimed at improving government-to-business interactions.
The Streamlined Business Reinstatement and Dissolution Program offers businesses that are currently in “revoked status” – due to not having complied with the state’s administrative reporting requirements – an expedited path to reinstatement or dissolution, both notoriously time-consuming and expensive processes.
Importantly, the program will be short-lived, running for just over three months, from March 1, 2020 through June 15, 2020. During this window, the Department will provide an online self-service reinstatement and dissolution service to streamline the process, eliminating the need for multiple filing forms and fees. Further, for corporations, the program eliminates the need to obtain a tax clearance. Filers will be required to pay a one-time administrative fee of $500 (plus a convenience or credit card processing fee), and to attest that the business has satisfied any known state tax obligations.
For companies with significant back-year fees, the program offers considerable savings. Under the program, reinstatement or dissolution will occur within one business day. Any business which may be in revoked or suspended status should consider taking advantage of this opportunity.
The Department is also implementing other business-friendly provisions of the new legislation which improve the state’s public business registry program. According to the Department, “the new law eliminates the reinstatement fee associated with late filing; establishes a grace period for waiver of the tax clearance requirement; establishes a uniform tax clearance procedure for for-profit entities following the grace period; and enables enhanced communications with businesses regarding compliance, due dates, and other matters related to their business status.”
The Department’s full announcement can be viewed here: Streamlined Business Reinstatement and Dissolution Program
To obtain additional information, please contact the authors of this Alert, Kellianne Greenwood and Brooke Emery. Ms. Greenwood and Ms. Emery are members of the firm’s Corporate Department.