Murphy seeks new transit tax on corporations

In his annual budget address to lawmakers on Tuesday, Murphy proposed a new 2.5% corporate surcharge that would apply to businesses earning over $10 million to address NJ Transit’s budget deficit.

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Murphy Seeks New Transit Tax On Corporations

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In his annual budget address to lawmakers on Tuesday, Murphy proposed a new 2.5% corporate surcharge that would apply to businesses earning over $10 million to address NJ Transit’s budget deficit.

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Murphy Unveils $56B N.J. Budget With New Tax To Fund NJ Transit ...

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Feb 27, 2024 · The governor is seeking to levy a new tax on the state’s wealthiest corporations to provide continued annual funding for NJ Transit, the state’s bus and rail agency facing a nearly …

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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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NJ Governor Signs Tax Hike For Transit In New Budget - POLITICO

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Jun 28, 2024 · TRENTON, New Jersey — New Jersey Gov. Phil Murphy late Friday signed a $56.6 billion spending plan and a tax hike on the state’s largest corporations to fund public …

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Murphy To End Corporate Tax That Could Save NJ Transit - Bergen …

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Dec 1, 2023 · NJ Transit faces operating deficits of $120 million next year and over $900 million the next. But Murphy will let a corporate tax surcharge sunset.

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Murphy Unveils $55.9B Budget, Calls For Corporate Transit Fee

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Feb 27, 2024 · To help "fix NJ Transit," Gov. Phil Murphy proposed a 2.5% surcharge on companies in New Jersey with net incomes above $10 million.

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Lawmakers Advance New Business Surtax Aimed At Funding NJ Transit

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Jun 27, 2024 · NJ Transit is one step closer to a dedicated funding source after lawmakers advanced a new surtax on the state’s most profitable businesses Wednesday.. The 2.5% …

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New Jersey Enacts Corporate Transit Fee, Phases Out/repeals Select ...

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On June 28, 2024, Governor Phil Murphy signed into law SB 3513/AB 4704 which imposes a 2.5% surtax, referred to as the Corporate Transit Fee (the "Fee"), on certain Corporation …

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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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NJ Transit Fare Increases: Commuters Push Back - Bergen Record

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Mar 6, 2024 · Gov. Phil Murphy announced a proposal last month that would create a corporate transit fee, a tax on businesses that earn over $10 million and could generate more than $800 …

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Less Than 1% Of Companies Would Pay This Proposed Fee To Help …

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May 14, 2024 · It said that 99% of the state corporate tax filers would not pay the corporate transit fee. That fee, proposed by Murphy in February, would charge a 2.5% rate to corporation with …

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NJ Transit Proposes 15% Fare Hike Due To Huge Deficits - Bergen …

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Jan 24, 2024 · NJ Transit is proposing to increase fares 15% — its first hike in nine years — and would install 3% annual fare increases indefinitely after that, according to a plan presented by …

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NJ Transit Is Facing A Nearly $1B Hole In 2026. Why It May Get Worse

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Apr 20, 2023 · The Murphy administration gave NJ Transit a boost thanks to the New Jersey Turnpike Authority's shifting some state money over, and the agency got a bump in state …

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FAQs about Murphy seeks new transit tax on corporations Coupon?

Will Murphy's new tax restore NJ Transit?

Advocates called for the state to reinstate the surcharge — levied on about 3,000 companies that make $1 million or more — to help fund NJ Transit. Instead, Murphy’s new tax falls somewhere between the two — a partial restoration of the surcharge, for about 20% of businesses it affected. ...

What will the new corporate transit tax entail?

A senior administration official noted, for example, that the new fees and taxes were “carefully tailored” and not broad-based. The new tax, called the Corporate Transit Fee, will face opposition from elements of the business community and could also get picked apart or divided up by lawmakers who want to fund their own pet projects. ...

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 New Jersey's corporate transit fee help avoid a fiscal cliff?

Less than 1% of corporate taxpayers would pay the proposed corporate transit fee that would help the agency avoid a fiscal cliff in mid-2025, it was stated in a report released by New Jersey Policy Perspective on Tuesday. It said that 99% of the state corporate tax filers would not pay the corporate transit fee. ...

How much tax relief is included in Murphy's budget plan?

Murphy said his budget plan includes more than $3.5 billion in tax relief in a state with the nation’s highest property taxes and one of the highest costs of living. That includes: ...

Is the transit fee a corporate business tax surcharge Lite?

"Make no mistake, this so-called transit fee is the corporate business tax surcharge lite and it only exists to feed the Murphy administration’s insatiable appetite for spending taxpayers’ dollars," Assemblyman Christopher DePhillips, R-Bergen, said in a statement. ...