By Janice Wood, Staff Writer, CentralJersey.com
Governor Phil Murphy signed the new $56.6 billion state budget for New Jersey, which includes a significant tax increase on large corporations and substantial funding for property tax relief, public schools, pensions, and community projects.
Key Takeaways:
- The budget introduces a 2.5% tax on large companies to fund NJ Transit, making New Jersey’s business taxes the highest in the nation.
- Substantial rebates will be available to homeowners and renters through the ANCHOR program, and seniors can look forward to the StayNJ property tax cut.
- The budget allocates significant funds to public schools, community colleges, nursing homes, and various local projects, ensuring support for education and community needs
New Jersey’s $56.6 Billion State Budget
New Jersey Governor Phil Murphy signed a $56.6 billion spending plan that includes a significant tax hike on the state’s largest corporations to fund public transportation.
Starting July 1, the new 2.5% tax will apply to corporations with over $10 million in profits, adding to the existing 9% corporate business tax rate.
This move aims to generate revenue to support NJ Transit, which faces a nearly billion-dollar funding gap.
New Tax on Large Corporations to Fund Public Transportation
One of this budget’s most closely watched aspects is the new 2.5% tax on corporations with profits over $10 million.
This tax is in addition to the state’s existing 9% corporate business tax rate, making New Jersey the state with the highest business taxes in the nation.
The revenue from this tax will help fund NJ Transit, which faces a nearly billion-dollar funding gap.
Related : Governor Murphy Signs Fiscal Year 2025 Budget into Law (nj.com)
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