54:15-3. Correction of tax; penalties in certain cases
132 words·~1 min read·
/nj/title-54/chapter-15/54-15-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If a majority of the state board of tax appeals finds the tax so levied to be excessive or unjust, it shall thereupon require the officers of the corporation to file with the board a return or corrected return, and upon the return or corrected return the assessment shall be adjusted and the tax reduced or amended as in the opinion of the board shall seem proper. If the tax shall have been levied upon the full amount of capital stock of the corporation, due to the failure of the corporation to file its annual return, the board may impose a penalty of not more than fifty per cent of the tax so found to be due, in addition to the interest chargeable thereon from the date when it originally became due.