The leaders of two prominent New Jersey business groups joined the chorus of opposition to Gov. Phil Murphy’s proposed $1 billion corporate transit fee tax, which they say will dissuade investment in New Jersey and drive up the cost of doing business in the state.
In an op-ed published in the Asbury Park Press and other USA Today publications, Christina Renna, the president & CEO of the Chamber of Commerce Southern New Jersey and Anthony Russo, president of the Commerce & Industry Association of New Jersey, urged the Legislature to derail the new transit tax and set forth the reasons why.
“Businesses cannot continue to be the piggy bank whenever revenues must be raised, especially when there is little benefit provided to the businesses, their employees and their customers,” Renna and Russo wrote in their op-ed.
“There is a limit to what businesses can pay and New Jersey should do more to encourage new investment in New Jersey,” they said. “This tax proposal does the opposite. Let’s keep in mind, NJ Transit is used daily by only 1 in 10 New Jersey residents.”
If enacted by the Legislature, the corporate transit fee would raise the corporate income tax rate from 9% to 11.5% for large companies, the highest rate in the nation by far.
“This proposed tax puts New Jersey and its larger employers at a competitive disadvantage not only with states like North Carolina, South Carolina, Georgia and Florida that attract businesses from our state but our next-door neighbors,” they said. “It makes no sense.”
Both CCSNJ and CIANJ are members of the New Jersey Business Coalition, led by NJBIA, which has been at the forefront of the fight against the new corporate transit fee.
To read the entire op-ed, go here.
