NJ Businesses Anticipate FY25 Budget Blows as Deadline Approaches

On Jun 24, 2024

The latest FY25 budget news does not appear to be good for New Jersey businesses.  Multiple reports on Friday, based on unnamed sources, said legislative leaders have agreed with Gov. Murphy to include a 2.5% Corporate Transit Tax of New Jersey’s largest employers as part of the final budget to help fund NJ TRANSIT.  The $1 billion tax will return New Jersey to the highest corporate business tax in the nation, by far, at  11.5%. The reports said the new tax would be temporary for five years, rather than permanent as initially proposed. 

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