Murphy to end corporate tax that could save NJ Transit - Bergen …

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 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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To Fix NJ Transit Budget Woes, Murphy Proposes New Corporate Tax

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A new “corporate transit fee” Murphy pitched in his budget speech Tuesday would levy a 2.5% charge on businesses that make more than $10 million in profit annually, and the revenue ...

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NJ Corporate Tax Approved, Which Could Give NJ Transit $800

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Jun 28, 2024 · The Murphy administration has also hired a consultant to find $600 million in cuts to NJ Transit's operating budget, a potentially devastating reduction of 20% that comes after …

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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 $55.9 Billion Budget Includes Plan For NJ Transit

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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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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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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 …

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Governor’s Plan For Funding NJ Transit Is Getting Scrutiny

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Apr 22, 2024 · Under Murphy’s plan — which is drawing major pushback from business-advocacy groups — companies doing business in New Jersey that earn more than $10 million in annual …

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Murphy Proposes $55.9 Billion State Budget - New Jersey Globe

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Feb 27, 2024 · As part of his bid to improve New Jersey’s affordability, Gov. Phil Murphy today proposed over $3.5 billion and a new corporate transit fee to raise roughly $800 million for …

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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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Tax Increase Deal Struck Between Murphy, Top Lawmakers: Report

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Jun 21, 2024 · The reported deal to aid NJ Transit, teased as a “corporate transit fee” in Murphy’s budget address this year, will require that the 600 companies in the state that profit at least $10 ...

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Gov. Phil Murphy’s Corporate Tax To Fund NJ Transit Should Be

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Pennsylvania’s corporate business tax is slated to be lowered to 4.99% by 2031, and New York’s tax is 7.99%. With the additional 2.5% transit tax, New Jersey’s corporate tax rate will be 11. ...

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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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FAQs about Murphy to end corporate tax that could save NJ Transit - Bergen … Coupon?

Will New Jersey's corporate transit tax expire?

They note Murphy agreed to let a previous 2.5% corporate business tax — on a larger number of companies — expire at the end of last year and this would simply replace it. Under this plan, the new corporate transit tax would be dedicated toward funding NJ Transit and sunset after five years, sources said. ...

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. ...

How much does Murphy's budget mean for staynj's property tax relief program?

That’s down by about $2 billion from the budget Murphy signed in June and, by percentage of the budget, is less than what’s legally required for the state to fund its StayNJ senior property tax relief program in 2026 — a key priority of Assembly Speaker Craig Coughlin. ...

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 New Jersey a bad state for corporate tax rates?

Michele Siekerka, president and CEO of the New Jersey Business & Industry Association, pointed to recent comments Murphy made during a radio interview where he expressed little regret at sunsetting the corporate business tax. “We are top four in the country on corporate tax rates. So we’re already a very expensive state,” Murphy said. ...

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. ...