Pressure Mounts for Business Tax to Help Fund NJ Transit

njspotlightnews.org

With the state budget deadline looming, advocacy groups this week increased their calls for the state Legislature to approve Gov. Phil Murphy’s proposed “corporate transit fee” as a permanent funding source for NJ Transit.

The fee would increase the corporate business tax by another 2.5% for firms that profit more than $10 million a year. It comes on the heels of Murphy eliminating a surcharge on companies profiting $1 million a year.