Very Big, Very Few, and Far Away: Majority of Companies That …

May 14, 2024 · Among the roughly 600 corporations that would pay the Corporate Transit Fee, more than 4 out of 5 — 81 percent — are headquartered outside New Jersey. [vi] This is a …

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The Reasons Why NJ Transit’s 15% Fare Hike Will Go Ahead

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Mar 16, 2024 · Murphy proposed a Corporate Transit Fee, announced in his Feb. 27 budget address, would provide $859 million in funding for Fiscal Year 2026, which will avert a $766 …

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NJ Transit Fare Increase: Riders Share These Concerns - Bergen Record

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Mar 13, 2024 · The other is a corporate transit fee, a 2.5% tax on companies that earn more than $10 million a year, which was proposed by Gov. Phil Murphy in February as a new means of …

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NJ Transit Wants To Raise Fares 15% To Stay Ahead Of Budget Shortfall

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Mar 4, 2024 · A plan to increase fares 15% on July 1 and then by 3% each following year got its first public airing Monday at the Cherry Hill Library before about 45 people, the first of 10 …

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NJ Transit Needs To Delay 15% Fare Hike, Lawmakers Demand

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Mar 6, 2024 · She and state Assemblywoman Shama Haider, D-Bergen, said NJ Transit’s board of directors should delay an April vote on a 15% fare increase until more information is known …

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NJ Transit Board Approves 15% Fare Hike For July 1, Despite …

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The last time NJ Transit straphangers had a fare increase was in 2015, when ticket prices rose on average 9%. ... to create a corporate transit fee, a 2.5% tax on companies that earn more than …

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

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Feb 27, 2024 · The purpose of both proposals — increasing fares and creating a corporate transit fee — are to help NJ Transit fill a $119 million operating budget gap predicted in fiscal year …

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NJ Transit May Finally Have Dedicated Funding, But Still Needs A …

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Mar 12, 2024 · NJ Transit's proposed $3 billion proposed operating budget doesn't predict a future fiscal cliff if Gov. Phil Murphy's proposed business transit fee is passed, but a fare hike is still …

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15% NJ Transit Fare Hike Would Be A ‘huge Burden’ On ... - Nj.com

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Mar 9, 2024 · The proposed increase would raise the cost of a one zone bus fare from $1.60 to $1.80, a trip from Jersey City to the Port Authority bus terminal in New York would increase …

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New $9 Fee To Drive Into Lower Manhattan Approved. Here’s

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6 days ago · Non-E-ZPass customers would pay a 50% higher congestion fee. Another change approved were phased in rate increases that would increase to $12 rate for non-commercial …

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FAQs about Very Big, Very Few, and Far Away: Majority of Companies That … Coupon?

Should NJ Transit increase fares and create a corporate transit fee?

The purpose of both proposals — increasing fares and creating a corporate transit fee — are to help NJ Transit fill a $119 million operating budget gap predicted in fiscal year 2025 and a $917.8 million hole estimated in fiscal year 2026. ...

Does NJ Transit have a business transit fee?

Changing that is the agency’s first source of dedicated funding since it was created, through Gov. Phil Murphy’s proposed business transit fee, which places a 2.5% tax on large corporations making more than $10 million in profits. “It’s critical and extremely positive,” Kevin Corbett, NJ Transit CEO said after Tuesday’s board of directors meeting. ...

How much will NJ Transit receive from a new corporate tax?

After a contentious budget season debate over how best to aid NJ Transit through predicted future budget woes, the agency is set to receive about $800 million a year for five years from a new corporate tax passed by the legislature Friday and now headed to Gov. Phil Murphy's desk. Murphy had first proposed the new tax in February. ...

How will NJ Transit's new tax revenue and annual fare increases work?

The new corporate tax revenue and annual fare increases that go into effect starting July 1 would help cover a predicted deficit the agency was facing for fiscal year 2026 of about $1 billion. The 15% fare hike goes into effect Monday and increases 3% on July 1 every year after, according to a new policy approved by NJ Transit's board in April. ...

How is NJ Transit funded?

Currently, NJ Transit’s operating budget is funded by fares and other NJ Transit generated revenues, a state subsidy, federal clean air money and agency capital funds intended for major projects. The state’s contribution is decided in the annual budget. Using the corporate profit tax would provide a reliable, recurring funding source, Ambrose said. ...

Will NJ Transit raise fares 3% a year?

The NJ Transit board on Wednesday unanimously approved a fare increase proposal that will raise fares 15% on July 1 and 3% annually after that. The increase "addresses the urgent, short-term need to close the $106.6 million gap" in the operating budget for the 2025 fiscal year, Jim Smith, an NJ transit spokesman, told NorthJersey.com. ...