Union workers call for corporate transit tax in hopes to urgently fund NJ Transit
The wealthiest companies in the world, like Amazon, even if not based in New Jersey, would pay a 2.5% business tax, retroactive to Jan. 1, 2024, to specifically fund NJ Transit.
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As NJ Transit riders deal with one issue after the other, it’s down to the wire for Gov. Phil Murphy’s proposed Corporate Business Tax in his upcoming budget, which must be approved by June 30.
Union members gathered in Newark today to show support for its approval. In February, Murphy proposed the corporate transit fee, which is dedicated funding for NJ Transit that faces a nearly $1 billion deficit.
The wealthiest companies in the world, like Amazon, even if not based in New Jersey, would pay a 2.5% business tax, retroactive to Jan. 1, 2024, to specifically fund NJ Transit.
“We need to do everything we can to make sure NJ Transit doesn’t suffer from service cuts which we know they will if they don’t get full funding in this budget. That’s being decided this week,” said Alex Ambrose of New Jersey Policy Perspective.
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Members of New Jersey’s Business and Industry Association say it’s the proposal is not business friendly. But union workers say if this corporate tax fails, jobs will be lost and problems like the recent Amtrak overhead wire issues will only get worse.
“Right now they’re splitting that money if they have a dedicated fund for just operations, then they can put and free up that money to help with those track issues and those electrical issues that’s happening,” said Veronica Cobb, ATU Local 819 President.
News 12 New Jersey was told a deal to approve the Corporate Transit Tax has been agreed to in Trenton, a topic that may very well be addressed on Ask Gov. Murphy this Thursday on News 12 New Jersey.
NJ Transit riders face a 15% fare increase on July 1.
