In recent weeks, a group of business leaders in New Jersey have voiced their opposition to Governor Phil Murphy’s proposed 2.5% corporate transit fee as a dedicated funding source for New Jersey Transit. This plan could potentially impact hundreds of the state’s largest employers, who collectively employ hundreds of thousands of people.
At a meeting held in Trenton, members of the New Jersey Business Coalition expressed their concerns about the implications of this increase and how it could negatively affect employers that generate millions of dollars in net revenue. They are calling on the state Legislature to eliminate the tax increase, arguing that it will lead to job losses and economic instability.
One member of the coalition emphasized that large companies may decide to relocate to other states if they are faced with affordability issues. She argued that companies seeking to create new job opportunities or find new facilities will likely choose to do so in states with lower costs. The coalition also highlighted the competition from surrounding states in the region and the ease with which companies can relocate. They believe that implementing this tax increase sends a negative message to the established business community in New Jersey.
Moving forward, the coalition is committed to raising awareness and engaging in discussions with lawmakers as the budget process unfolds. They hope to advocate for a solution that supports both businesses and the state’s overall economic health.
