TRENTON, NJ – New Jersey Governor Phil Murphy has signed the FY2025 state budget, which reinstates a substantial tax on wealthy corporations to support public infrastructure and immigrant services. The budget includes the introduction of the Corporate Transit Fee (CTF), a 2.5% surcharge on corporate profits exceeding $10 million, labeled as the largest of its kind nationally.
Make the Road New Jersey, a prominent advocacy group, has been instrumental in this legislative success, having campaigned vigorously against the previous termination of the Corporate Business Tax. Their efforts included organizing local mayoral and gubernatorial support, unfurling a 534-foot scroll in front of the statehouse to symbolize corporate profits, and collecting thousands of petitions from NJ Transit riders.
Despite this victory, NJ Transit riders are poised to face a 15% fare hike starting Monday, which represents a significant financial burden for many New Jerseyans.
Nedia Morsy, Deputy Director of Make the Road New Jersey, hailed the budget as a “groundbreaking victory for equity and justice,” emphasizing that large corporations, such as Amazon, will now contribute more substantially to the state’s economy and community welfare.
The budget not only restores the crucial corporate tax but also directs funds towards enhancing NJ Transit services and expanding support for immigrant communities throughout New Jersey.
