NJ A6007

Repeals the Corporate Transit Fee, a 2.5% surtax on corporations with New Jersey allocated taxable net income exceeding $10 million

The fee being eliminated was originally imposed for privilege periods from January 1, 2024 through December 31, 2028

Revenue from this fee was designated to support NJ Transit operating expenses and provide state matching funds for federal transit capital project funding

Takes effect immediately upon enactment and applies to privilege periods beginning on or after the enactment date