"Murphy's Proposal: New Tax on Top Businesses to Fund N.J. Transit"

Governor Philip D. Murphy of New Jersey is set to propose reinstating a corporate business tax of 11.5 percent for companies with profits exceeding $10 million, up from the previous threshold of $1 million, in an effort to address the financial challenges of New Jersey Transit. The tax, if adopted, is expected to apply to 600-700 companies and generate approximately $800 million annually, with the revenue earmarked for New Jersey Transit starting in mid-2026. Murphy views this as a "corporate transit fee" and not an alternative to the fare increases planned by New Jersey Transit.