Will this revive the debate over a decision by Gov. Phil Murphy and state lawmakers to let a surtax on large corporations expire?
s decision to let a tax on large corporations expire at the end of the year isn’t sitting well with most state residents, a new poll shows.
State revenue is now on the decline, and August collections for the corporation business tax were about 334% below last August. That was followed by a 6.3% decline in September.allowing the surcharge to expire will cost the state $322.5 million in the current fiscal year, which began July 1, and up to $1 billion in fiscal year 2025.of up to $1 billion in upcoming years, and New Jersey’s current $54.3 billion state budget does not include a dedicated funding stream for the transit service.
Business leaders and corporate lobbyists say the surtax was always meant to be temporary, and allowing it to sunset is essential to maintaining a competitive business environment in New Jersey. Support for restoring the surtax and using it to fund NJ Transit is high among Democrats, with 73% in favor, and 52% of independents support the move. Republicans, on the other hand, are less enthusiastic, with only 29% backing such a move.
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