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NJ A4704
Bill
Status
6/28/2024
Primary Sponsor
Shama Haider
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AI Summary
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Imposes a 2.5% surtax called the "corporate transit fee" on corporations with allocated taxable net income exceeding $10 million
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Applies to privilege periods from January 1, 2024 through December 31, 2028
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Excludes S corporations and public utilities from the fee requirement
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No tax credits may be applied against the corporate transit fee except for installment payments, estimated payments, and overpayments from prior periods
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Revenue collected will be deposited in the General Fund and, starting in Fiscal Year 2026, appropriated annually for NJ Transit Corporation operating expenses and federal matching funds for capital projects
Legislative Description
Imposes 2.5 percent corporate transit fee on taxpayers with allocated taxable net income in excess of $10 million under CBT.
Bills and Joint Resolutions Signed by the Governor
Last Action
Approved P.L.2024, c.20.
6/28/2024