| NJBIA and multiple business leaders from the New Jersey Business Coalition are hosting a press conference on Tuesday, April 23 in Trenton to present the impacts of a proposed $1 billion-plus Corporate Transit Fee on New Jersey employers, consumers, residents and workers.
Media are invited to cover the press event at 10:30 a.m. at NJBIA headquarters at 10 West Lafayette Street in Trenton.
“This proposal is obviously bad for business and New Jersey’s business climate, and the ramifications extend well beyond the business community,” said NJBIA President and CEO Michele Siekerka. “This policy is shortsighted and fails to see the long-term impacts it will have on our economy, our workforce and our communities.”
“We are calling on the Legislature to reject this proposal during the budget process, and we look forward to amplifying the many reasons why as a collective representing New Jersey’s job creators.”
Gov. Phil Murphy’s proposed 2.5% Corporate Transit Fee as part of the FY25 budget is a restoration of an expired Corporate Business Tax surtax on large corporations – returning New Jersey to the highest CBT tax rate (11.5%) in the nation, by far, retroactive to Jan. 1.
This is proposed as neighboring Pennsylvania is on a path to reduce its top corporate tax rate to 4.9%.
Last month, nearly 100 members of the New Jersey Business Coalition urged the Legislature to reject the new tax increase.
Also last month, NJBIA launched a Do Better for Business awareness campaign to bring more visibility to anti-business policies that require change – including the Corporate Transit Fee – to improve New Jersey’s business competitiveness.
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