NJBIA President and CEO Michele Siekerka provided the following testimony to the Assembly Budget Committee on Wednesday night regarding bill A-4704/S-3513, which calls for a Corporate Transit Tax of 2.5% on New Jersey businesses with net income of $10 million, retroactive to Jan. 1, 2024, despite Gov. Phil Murphy’s prior decision to sunset a 2.5% … Read more
Fact: Governor Murphy has proposed a billion tax increase on New Jersey’s largest employers.
The Livingston Chamber of Commerce opposes a proposed 2.5 percent tax hike on high-earning businesses in New Jersey, which would fund NJ Transit.
The governor’s proposed budget for FY25 includes a new “truck traffic excise fee” targeting businesses in New Jersey’s transportation and logistics industry.
The text is an opinion piece criticizing progressive groups for targeting corporations without providing factual context. The fact mentioned in the text is that New Jersey businesses paid .1 billion in state and local taxes in FY22, which is the highest corporate tax rate and property taxes in the nation.
Kevin Corbett, president and CEO of NJ Transit, supports a proposed tax increase on large New Jersey businesses to help fund the state’s public transit system.