summary
Introduced
01/13/2026
01/13/2026
In Committee
01/13/2026
01/13/2026
Crossed Over
Passed
Dead
Introduced Session
2026-2027 Regular Session
Bill Summary
This bill eliminates the "Corporate Transit Fee," under which the State imposes a 2.5 percent surtax on certain corporation business tax (CBT) taxpayers that have New Jersey allocated taxable net income in excess of $10 million for privilege periods that begin on and after January 1, 2024 through December 31, 2028. The Corporate Transit Fee is imposed in addition to the taxpayer's regular CBT liability during each of privilege periods. Beginning in Fiscal Year 2026, all revenue generated from the Corporate Transit Fee is required to be appropriated annually to support New Jersey Transit's operating expenses and to pay for the State's matching funds required to receive federal funding for eligible New Jersey Transit capital projects. Under this bill, CBT taxpayers would no longer be required to pay the Corporate Transit Fee for any privilege period beginning on or after the enactment of the bill.
AI Summary
This bill eliminates the "Corporate Transit Fee," which is an additional 2.5% tax imposed on certain corporations in New Jersey whose taxable net income allocated to the state exceeds $10 million. This fee was scheduled to apply for privilege periods (tax years) from January 1, 2024, through December 31, 2028, and its revenue was designated for New Jersey Transit's operating expenses and matching funds for federal capital projects. The bill repeals the law that established this fee, meaning corporations will no longer be required to pay it for any tax year beginning on or after the date this bill becomes law.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Introduced in the Senate, Referred to Senate Budget and Appropriations Committee (on 01/13/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2026/S2467 |
| BillText | https://pub.njleg.gov/Bills/2026/S2500/2467_I1.HTM |
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