This bill introduces a new surtax, referred to as the corporate transit fee, for taxpayers with allocated taxable net income exceeding $10 million during privilege periods from January 1, 2024, to December 31, 2028. The corporate transit fee is set at 2.5 percent of the taxpayer's allocated taxable net income and is to be paid in accordance with existing tax regulations. Notably, the bill specifies that no credits will be allowed against this fee, except for certain payments related to installment, estimated payments, or overpayments from previous periods.

Additionally, the bill mandates that all revenues generated from the corporate transit fee, with specific exceptions, will be deposited into the General Fund. Starting in Fiscal Year 2026, these funds are to be appropriated annually for the operating expenses of the New Jersey Transit Corporation and to fulfill the State's matching requirements for federal funds allocated to capital projects for the corporation. The act is set to take effect immediately upon approval and will apply to the specified privilege periods.