To fix NJ Transit budget woes, Murphy proposes new corporate tax

Feb 27, 2024 · A plan to address NJ Transit's gloomy fiscal picture is the centerpiece of Gov. Phil Murphy’s budget proposal for fiscal year 2025.. A new “corporate transit fee” Murphy pitched in …

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Murphy's $55.9 Billion Budget Includes Plan For NJ Transit By …

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Feb 27, 2024 · New Jersey. Murphy’s $55.9 billion budget includes plan for NJ Transit by taxing businesses A long-sought funding source for the state’s transit agency would add 2.5 percent …

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N.J. Gov. Phil Murphy Seeks $55.9 Billion Budget With Business Tax …

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Feb 27, 2024 · Phil Murphy wants a $55.9B New Jersey budget with increases for education and a business tax to fund transit. ... The proposal comes after a temporary business tax increase …

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Gov. Phil Murphy Proposes New NJ Transit Funding, Tax Relief In …

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NJ transportation: To fix NJ Transit budget woes, Murphy proposes new corporate tax The budget for fiscal year 2025, which covers spending from July 2024 through June 2025, is $1.6 billion …

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Gov. Murphy Proposes Taxing Wealthy NJ Businesses To Benefit NJ …

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In his new proposal, he called the Corporate Transit Fee, businesses that make more than $10 million would be taxed, with the money being put toward NJ Transit’s future.

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NJ Gov Signs $56.6 Billion FY 2025 Budget Into Law

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Nov 5, 2024 · The budget introduces a 2.5% tax on large companies to fund NJ Transit, making New Jersey’s business taxes the highest in the nation. ... New Jersey Governor Phil Murphy …

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Murphy Seek $55.9B New Jersey Budget, Increasing Education Aid ...

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Feb 27, 2024 · TRENTON, N.J. (AP) — New Jersey Gov. Phil Murphy on Tuesday unveiled a $55.9 billion budget, up about 5% over his previous year’s proposal, calling for nearly $1 billion …

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Murphy's Proposed Business Tax Draws Debate - NJ Spotlight News

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Apr 8, 2024 · And while Murphy has said he wants revenue raised by the proposed tax on companies earning more than $10 million in annual profits to go to New Jersey Transit, the …

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Gov. Murphy Seek $55.9B New Jersey Budget, Increasing …

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Feb 27, 2024 · To help close the gap Murphy is proposing a 2.5% tax on business profits of companies that netting more than $10 million annually. The proposal comes after a temporary …

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The Taxes And Fees Most Likely To Increase If Murphy Budget Plan ...

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Jun 26, 2024 · Warehouse tax: Another Murphy tax proposal called for bringing in an estimated $10 million in new revenue from a $1 “truck traffic excise fee” that would be imposed on …

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Murphy Seek $55.9B New Jersey Budget, Increasing Education Aid ...

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Feb 27, 2024 · TRENTON, N.J. (AP) — New Jersey Gov. Phil Murphy on Tuesday unveiled a $55.9 billion budget, up about 5% over his previous year's proposal, calling for nearly $1 billion …

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FAQs about To fix NJ Transit budget woes, Murphy proposes new corporate tax Coupon?

Will New Jersey raise business taxes to fund mass transit?

A long-sought funding source for the state’s transit agency would add 2.5 percent fee on largest corporations New Jersey Gov. Phil Murphy is biting a political bullet to raise business taxes on the state’s largest companies in order to find hundreds of millions of dollars a year to fund its beleaguered mass transit system. ...

Will NJ Transit's New patchwork budget save off a fiscal crisis?

This would be the first new state revenue source for NJ Transit’s patchwork budget framework in more than a decade, and it could stave off a fiscal crisis of cuts to staff and service, while providing some financial stability in the years to come. Continues below gallery. ...

Will Phil Murphy get a corporate transit fee?

Gov. Phil Murphy reached the preliminary deal with top state lawmakers on his proposal for a corporate transit fee as they try to nail down a new state budget for the fiscal year that begins July 1, according to two sources familiar with the negotiations who spoke on the condition of anonymity. ...

Who will be affected by Murphy's new business tax proposal?

The proposal comes after a temporary business tax increase ended at the end of last year. That surcharge affected some 3,100 businesses, according to the administration, while the new proposal would levy taxes from about 600 firms. Murphy said small and medium sized businesses would not be impacted. ...

Will New Jersey Transit's looming budget gap be plugged by July 1?

Yet, if some semblance of the transit tax makes it into the final budget, which must be approved by July 1, Murphy will have plugged New Jersey Transit’s looming budget gap and given the agency its first ever source of dependable state funding. ...

Does New Jersey Transit need a dependable stream of revenue?

Sen. John Burzichelli (D-Gloucester), a member of the Senate’s transportation and budget committees, was similarly hesitant. “Clearly, New Jersey Transit needs a dependable stream of revenue. It’s a capital-intensive operation. It’s expensive to move people, but it’s the lifeblood of the state,” Burzichelli said. ...