I don't do NJ, but from 2024 instructions you seem to be correct. This is from 2024 instructions. Here is link: chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.nj.gov/treasury/taxation/pdf/current/cbt/cbt100sins.pdf

"In general, an S corporation that files Form CBT-100S pays only the statutory minimum tax. However, if it has income that is taxed for federal purposes, the S corporation will owe the greater of the tax based on taxable income or the statutory minimum tax. See Page 1 Line-by-Line instructions for more information."