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 assessed in addition to the regular CBT liability and specifically excludes S corporations and public utilities. The bill clarifies the definition of "allocated taxable net income" and outlines that no credits will be allowed against the corporate transit fee, except for certain specified payments.

All revenues generated from this corporate transit fee will be deposited into the General Fund, with the stipulation that 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 funds related to eligible capital projects. The bill aims to enhance funding for public transit while ensuring that the financial burden is placed on larger corporations.