"Murphy's Proposal: New Tax on Top Businesses to Fund N.J. Transit"
TL;DR
Governor Philip D. Murphy of New Jersey is set to propose reinstating a corporate business tax of 11.5 percent for companies with profits exceeding $10 million, up from the previous threshold of $1 million, in an effort to address the financial challenges of New Jersey Transit. The tax, if adopted, is expected to apply to 600-700 companies and generate approximately $800 million annually, with the revenue earmarked for New Jersey Transit starting in mid-2026. Murphy views this as a "corporate transit fee" and not an alternative to the fare increases planned by New Jersey Transit.
Topics:nationbusiness-politics#business-politics#business-tax#corporate-surcharge#governor-murphy#new-jersey#new-jersey-transit
- Gov. Murphy Will Propose Bringing Back Nation’s Highest Business Tax The New York Times
- News Flash • Bucco Calls on Murphy, Trenton Democrats to Kee New Jersey Senate Republicans
- Bricked-Up Windows and Other Economic Lessons njbmagazine.com
- Phil Murphy NJ budget speech must include new tax for big businesses NorthJersey.com
- Murphy aims to impose tax on state’s top-revenue companies to pay for N.J. Transit shortfall: A Q&A on the details ROI-NJ.com
Want the full story? Read the original reporting
Read on The New York Times