NJ: Murphy signs tax hike for transit in new budget

Source: Politico

“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 transportation. The tax increase on businesses is among the most closely watched parts of the spending plan, which takes effect July 1. The new fee would impose an additional 2.5 percent tax on corporations with over $10 million in profits and would be on top of the state’s nine percent corporate business tax rate.” (06/29/24)