New Jersey lawmakers passed a bill on 30 June, 2024, to implement the highest corporate tax rate for the state’s largest companies in the US. The bill is estimated to impact close to 700 companies in the state.
The legislation proposes adding a 2.5% fee to New Jersey’s existing 9% corporate tax rate on businesses with annual profits of over USD 10 million. As such, this 2.5% fee will increase the state’s highest corporate tax rate to 11.5%.
The corporate tax increase was proposed by Phil Murphy, Governor, stating that the increased tax revenue will be used to fund the state’s financially strapped public transportation system.
