New Jersey Governor Phil Murphy plans to propose reinstating a 11.5% corporate surtax on profits exceeding $10 million annually to fund the state's transit system.
New Jersey Governor Phil Murphy plans to propose reinstating the state's highest business tax, which expired last year, as a solution for the struggling statewide transit system. The proposed 11.5% corporate surtax will only apply to companies with profits exceeding $10 million annually. In his 2025 budget address, Murphy also plans to unveil over $3.5 billion in tax relief initiatives, aimed at making the state more affordable for families.
February 27, 2024
4 Articles