The New Jersey Business Coalition recently expressed their concerns and opposition to Gov. Phil Murphy’s proposed 2.5% corporate transit fee that would serve as a dedicated funding source for New Jersey Transit. This plan could potentially impact around 600 of the state’s largest employers who collectively provide jobs for hundreds of thousands of people.
During a meeting in Trenton, members of the business coalition highlighted their worries about the proposed fee increase and its potential implications for employers that generate millions of dollars in net revenue. Business leaders and advocacy groups have come out against the idea and are urging the state Legislature to reject the tax increase.
The coalition is worried that the increased cost could push large companies to consider relocating to other states that are more affordable. They fear that this could lead to the loss of jobs and revenue for New Jersey. The competition from neighboring states and the ability for companies to easily move elsewhere have been cited as reasons for concern.
One member of the coalition emphasized that when companies are looking to create jobs or establish new facilities, they will naturally seek out states with lower costs of doing business. This underscores the importance of finding ways to make New Jersey a more competitive option.
The coalition is committed to raising awareness about the potential negative impact of the proposed fee increase and is engaging in discussions with the Legislature as the budget process unfolds. They hope to work towards finding alternative funding solutions for New Jersey Transit that will not burden the state’s largest employers.
