On June 28, New Jersey lawmakers passed a $56.7 billion budget that, in effect, reinstates the 2.5% corporate business tax (CBT) surcharge that sunset on Jan. 1.
The new tax, called the Corporate Transit Fee (CTF), is a 2.5% tax on corporations with profits over $10 million, affecting about 600 corporations and giving New Jersey the highest CBT in the nation. The tax is retroactive to Jan. 1, 2024.
The NJCPA lobbied against the tax, warning that it would hurt the economy, the job market and smaller businesses that do business with these companies.
Another area of concern is the budget’s $2 billion structural gap that relies on drawing down money from the state’s surplus.
Here are some highlights:
To learn more about the budget:
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