TRENTON, NJ – Senate Minority Leader Anthony M. Bucco urged Governor Phil Murphy to honor his commitment to let the Corporate Business Tax (CBT) Surcharge lapse by the end of 2023 amid indications of legislative efforts to extend it.
Sen. Bucco emphasized the necessity for Governor Murphy to fulfill his promise, highlighting the negative impact of the CBT surtax on New Jersey’s business environment. Bucco noted the adverse effects of the tax on businesses and pointed out New Jersey’s ranking as the least favorable state for business by the Tax Foundation in their 2024 State Business Tax Climate Index.
Recent discussions among Democrats in the Legislature suggest a push to prolong the tax, despite a 60% increase in State spending. The Tax Foundation’s report places New Jersey at the bottom due to high corporate income taxes, individual income taxes, and property tax burdens. Bucco advocates for the tax’s expiration as a preliminary measure to enhance New Jersey’s business appeal and its competitiveness with neighboring states.