In recent times, New Jersey Business Coalition members have voiced their opposition to Governor Phil Murphy’s proposed 2.5% corporate transit fee, which is aimed at funding New Jersey Transit. The coalition fears that this plan could affect around 600 of the state’s largest employers, who employ tens of thousands of people.
During a meeting held in Trenton, the coalition discussed the implications of this increase and how it could impact companies that generate millions of dollars in net revenue. Business leaders and advocacy groups are strongly against this proposal and are calling on lawmakers to eliminate the tax hike.
The coalition has legitimate concerns about the potential for large companies to relocate to other states if they face affordability issues. One member emphasized that companies seeking new job opportunities or facilities will likely choose to do so in states with lower costs. The coalition also highlighted the competition from surrounding states in the region and how easily companies can move. They believe that implementing this tax increase sends a negative message to New Jersey’s established business community.
Moving forward, the coalition plans to raise awareness and engage in discussions with lawmakers as the budget process unfolds. Their goal is to advocate for a solution that supports both businesses and New Jersey’s overall economic health.