On this weekend’s Reporter’s Roundtable with David Cruz on NJ Spotlight, NJBIA President Michele Siekerka talked about Governor Murphy’s “about face” in returning a new Corporate Business Tax surcharge to large businesses in his FY25 budget address, after allowing it to sunset just two months ago.
She also said his move to apply a Corporate Transit Fee will result in great distrust between New Jersey businesses and legislative leadership, which also supports a 2.5% surtax on large corporations to return them to the highest CBT rate in the nation by far.
“It’s not just bad policy, it’s terrible policy because it goes beyond just the tax itself,” Siekerka said. “It sends a clear and disturbing message to our business community today and anyone who might be a potential company in New Jersey that we cannot rely on the word or the promises made of our policymakers.”
Siekerka also took aim at Murphy for claiming that large businesses which make under $10 million in profit will see a tax cut, as the previous threshold for the surcharge was $1 million in profit.
“It is totally disingenuous,” Siekerka said. “That was a surcharge on the corporate business tax that for years the business community was told you’re not going to have to pay that in the future.
“They were overpaying. Now we’re going to tell them that they’re going to stop overpaying. There is no tax cut for these businesses.”
To watch the full segment, click here.
To watch on air this weekend watch NJ PBS at 6 p.m. on Saturday or 10 a.m. on Sunday.
