Governor Phil Murphy signed the new $56.6 billion state budget for New Jersey, which includes a significant tax increase on large corporations and substantial funding for property tax relief, public schools, pensions, and community projects. Key Takeaways: The budget introduces a 2.5% tax on large companies to fund NJ Transit, making New Jersey’s business taxes … Read more
In reviving and narrowing a surtax on the state’s most profitable businesses, lawmakers have mostly reversed a cut to New Jersey’s open space programs that happened when an earlier surcharge sunset at the start of 2024. The so-called corporate transit fee — a 2.5% surcharge on businesses with more than $10 million in profits — is … Read more
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
Over the strong objections of NJBIA and other business groups, the Senate and Assembly budget committees advanced a $56.6 billion state budget supported by a $1 billion tax increase on the business community Wednesday night. This action sets the stage for final votes by both houses of the Legislature on Friday. Gov. Phil Murphy is … Read more
Facing a deadline just days away, New Jersey lawmakers Wednesday night introduced and quickly began approving a record new $56.6 billion state budget that’s backed by a new tax hike on large companies, adds some funding for property-tax relief, and includes big spending on public schools and pensions.But Democratic leaders once again faced objections from … Read more
New Jersey Gov. Phil Murphy and legislative leaders have once again hashed out a budget behind closed doors just in time to avert a government shutdown — leaving little time for lawmakers to review more than $56 billion in spending.Among the key provisions: The state will be investing more than expected in a program slated … Read more
While news broke over the weekend that Gov. Phil Murphy and legislative leaders agree that the FY25 State Budget will include a 2.5% Corporate Transit Tax, many critical questions remain for New Jersey’s business community. This week, NJBIA looks at just a few of them that will need to be answered before the budget is … Read more
NEW JERSEY (WABC) — New Jersey has a tentative agreement with the state’s most profitable companies to temporarily pay higher taxes to fund NJ Transit.Under the plan, the 600 corporations in the state that make at least $10 million a year in profits will pay a 2.5% tax on all earnings for five years.In return, … Read more
MORRISTOWN, NJ — Dozens of mayors are calling on Gov. Phil Murphy and state legislators to inject more cash flow into New Jersey Transit by way of a corporate transit tax, including Morristown’s Tim Dougherty. Commuters, labor leaders, and community activists echoed this call at a rally outside NJ Transit headquarters on Thursday, while also … Read more
Fact: Governor Murphy has proposed a billion tax increase on New Jersey’s largest employers.