This bill proposes the repeal of the Corporate Transit Fee, which currently imposes a 2.5 percent surtax on certain corporation business tax (CBT) taxpayers with New Jersey allocated taxable net income exceeding $10 million. The fee is applicable for privilege periods starting from January 1, 2024, through December 31, 2028, and is in addition to the regular CBT liability. Revenue generated from this fee is designated to support New Jersey Transit's operating expenses and to fund the state's matching contributions for federal funding of eligible capital projects.

By eliminating the Corporate Transit Fee, the bill relieves CBT taxpayers of this additional financial burden for privilege periods beginning on or after the date of enactment. The bill is set to take effect immediately upon passage, thereby impacting the tax obligations of affected corporations without delay.

Statutes affected:
Introduced: 54:10A-5.41