New Jersey Transit is facing a funding crisis and Governor Phil Murphy has proposed a 2.5% corporate transit fee as a dedicated source of revenue. This plan, if implemented, could potentially impact around 600 of the state’s largest employers who collectively employ hundreds of thousands of people.
At a meeting held in Trenton, members of the New Jersey Business Coalition expressed their concerns and opposition to this proposal. Business leaders and advocacy groups are calling on the state Legislature to eliminate the tax increase. They believe that implementing this tax increase sends a negative message to the established business community in New Jersey and could potentially lead to companies relocating to other states with lower costs.
One member of the coalition emphasized that large companies may decide to relocate if they are faced with affordability issues. They also highlighted the competition from surrounding states in the region and how easily companies can relocate. The coalition believes that this tax increase is not only bad for businesses but also for New Jersey’s overall economic health.
Moving forward, the coalition is committed to raising awareness and engaging in discussions with the Legislature as the budget process unfolds. They hope to advocate for a solution that supports the interests of both businesses and New Jersey’s economic well-being.