Bill Text: NJ S2467 | 2026-2027 | Regular Session | Introduced
Bill Title: Eliminates the corporate transit fee.
Sponsorship: Partisan Bill (Republican 2)
Status: (Introduced) 2026-01-13 - Introduced in the Senate, Referred to Senate Budget and Appropriations Committee [S2467 Detail]
Download: New_Jersey-2026-S2467-Introduced.html
STATE OF NEW JERSEY
222nd LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2026 SESSION
Sponsored by:
Senator ANTHONY M. BUCCO
District 25 (Morris and Passaic)
Senator KRISTIN M. CORRADO
District 40 (Bergen, Essex and Passaic)
SYNOPSIS
Eliminates the corporate transit fee.
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel.
An Act eliminating the corporate transit fee and repealing P.L.2024, c.20.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 1 of P.L.2024, c.20 (C.54:10A-5.41a) is repealed.
2. This act shall take effect immediately and apply to privilege periods beginning on and after the date of enactment.
STATEMENT
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.
