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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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 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. Murphy unveils $55.9B budget, …

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Murphy’s $56B Budget Seeks Narrowed Business Tax For NJ Transit

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Feb 28, 2024 · Gov. Phil Murphy proposed $55.9 billion in spending for the coming fiscal year during his annual budget address, asking lawmakers to approve a structural deficit and a …

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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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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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Murphy Seeks New Transit Tax On Corporations

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(The Center Square) — New Jersey Gov. Phil Murphy is breaking his pledge not to raise any taxes in his second term as part of his $55.9 billion budget proposal, with a plan to tax large ...

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

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. ...

Will NJ Transit solve fiscal woes?

Murphy says 'everything on table' to solve NJ Transit fiscal woes. Except corporate tax Gov. Phil Murphy reiterated Thursday that "everything is on the table" when it comes to solving NJ Transit's upcoming fiscal crisis. Well, almost everything. ...

What is NJ Transit's new corporate surcharge?

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. The new hike replaces the 2.5% surtax on businesses earning over $1 million, which expired in December. ...

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 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. ...

Does NJ Transit need a new business tax?

(Fran Baltzer for New Jersey Monitor) Gov. Phil Murphy’s proposal to fund NJ Transit with a new business tax is drawing mixed reactions, with critics jeering it as a poorly veiled rebranding of New Jersey’s recently sunsetted corporate business tax surcharge and supporters welcoming a dedicated revenue stream for the troubled transit agency. ...