A proposed tax increase on large New Jersey businesses is “critical” to prop up the state’s cash-strapped public transit system, Kevin Corbett, president and CEO of NJ Transit, said at a Thursday legislative hearing.Corbett backed the plan by Gov. Phil Murphy (D) to tack a 2.5% fee on top of the state’s 9% corporate tax rate for businesses earning $10 million or more in profit, calling it “arguably the most critical leg” to solve the agency’s “long-term funding needs.” If approved as part of the state’s fiscal 2025 budget, the levy would give New Jersey the highest corporate levy …
