A proposed tax increase on large New Jersey businesses is \u201ccritical\u201d to prop up the state\u2019s 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\u2019s 9% corporate tax rate for businesses earning $10 million or more in profit, calling it \u201carguably the most critical leg\u201d to solve the agency\u2019s \u201clong-term funding needs.\u201d If approved as part of the state\u2019s fiscal 2025 budget, the levy would give New Jersey the highest corporate levy …<\/p>\n","protected":false},"excerpt":{"rendered":"
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.<\/p>\n","protected":false},"author":6,"featured_media":7847,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[1766,1512,4498,4919,304,3895,1823,6057,4344,4843,2247,6058,1065,4343,4556,618],"class_list":["post-7846","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-budget","tag-cash","tag-corporate-tax","tag-corporate-tax-rate","tag-funding","tag-hearing","tag-increase","tag-new-jersey-businesses","tag-nj-transit","tag-president","tag-profit","tag-public-transit-system","tag-tax","tag-tax-increase","tag-tax-rate","tag-top"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\n