NJCPA, Others Oppose Proposed Business Tax Increases
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March 25, 2024
As part of the New Jersey Business Coalition, the New Jersey Society of CPAs and dozens of other organizations sent a letter to members of the New Jersey Legislature to voice our opposition to Governor Murphy's proposed billion-dollar business tax increase.
The proposed corporate transit fee is a permanent 2.5% tax on corporations with more than $10 million in earnings. Nearly 80% of the NJCPA members we recently surveyed oppose the fee, citing that it will cause businesses to leave New Jersey.
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The information in this guide has been gathered from many sources, including the Internal Revenue Service, the Social Security Administration, state agencies, professional organizations and members of the NJCPA. The COVID-19 pandemic has prompted the majority of state agencies to offer more online and prerecorded services. Though offices have reopened after the COVID-19 shutdown, it’s best to check online or call before you visit.
Material contained within this guide should be augmented by, and used in accordance with, a certified public accountant's professional judgment. Your CPA can properly apply the tax laws and regulations to the facts and circumstances of your particular situation. For help with locating a CPA, visit findacpa.org.
The New Jersey Society of Certified Public Accountants is not responsible for any claims arising as a result of this information or its usage.
This guide was updated in October 2023. Future users of this material are cautioned that some portions, particularly tax-related information, may become outdated.