This bill introduces a 2.5 percent corporate transit fee on taxpayers with allocated taxable net income exceeding $10 million under the Corporation Business Tax (CBT) for privilege periods from January 1, 2024, to December 31, 2028. The fee is defined as a surtax that will be assessed in addition to the regular CBT liability, specifically excluding S corporations and public utilities. The bill stipulates that no credits will be allowed against the corporate transit fee, except for certain payments related to installment payments, estimated payments with extension requests, or overpayments from previous periods.

All revenues generated from the corporate transit fee will be deposited into the General Fund, with the exception of amounts constitutionally allocated for open space, farmland, and historic preservation. Starting in Fiscal Year 2026, these funds will be appropriated annually to cover the operating expenses of the New Jersey Transit Corporation and to fulfill the state's matching requirements for federal funding for eligible capital projects. The bill aims to enhance funding for public transit in New Jersey while imposing a targeted fee on larger corporations.