New Jersey A2703 eliminates the Corporate Transit Fee for CBT taxpayers.

New Jersey A2703 eliminates the Corporate Transit Fee, a 2.5 percent surtax on certain corporation business tax (CBT) taxpayers with New Jersey allocated taxable net income over $10 million. The fee was imposed for privilege periods starting January 1, 2024, through December 31, 2028. The bill repeals the fee and removes the requirement for CBT taxpayers to pay it, effective immediately for privilege periods beginning after the bill's enactment.

New Jersey A2703 eliminates the Corporate Transit Fee for CBT taxpayers.

New Jersey A2703 eliminates the Corporate Transit Fee, a 2.5 percent surtax on certain corporation business tax (CBT) taxpayers with New Jersey allocated taxable net income over $10 million. The fee was imposed for privilege periods starting January 1, 2024, through December 31, 2028. The bill repeals the fee and removes the requirement for CBT taxpayers to pay it, effective immediately for privilege periods beginning after the bill's enactment.