New Jersey compliance at a glance
- Sales tax: 6.63% state rate. State 6.625%; uniform with limited Urban Enterprise Zones at 3.3125%.
- Late fees: Up to 1.5% per month. (N.J. Stat. §31:1-1) Civil usury cap 16%/yr; criminal 30%/yr.
- Written contracts: Required for jobs over $500.
- Prompt-pay law: New Jersey Prompt Payment Act (N.J. Stat. §2A:30A-1 et seq.). Subs paid within 10 days of GC receiving payment; prime + 1% interest if late.