On June 30th, Governor Christie of New Jersey signed a bill reducing the New Jersey subchapter S corporation minimum tax rates by 25%, starting for periods beginning on and after January 1, 2012.  For example, if the current minimum tax is $500, it will be reduced to $375.  The only exception to this rule is for members of affiliated or controlled groups with a payroll of excess of $5 million.  They will still be subject to a $2,000 minimum tax.