Imposes 2.5 percent corporate transit fee on taxpayers with allocated taxable net income in excess of $10 million under CBT.

This bill imposes a 2.5% fee on corporations with New Jersey taxable income exceeding $10 million for tax years 2024-2028, excluding S corporations and public utilities. It requires affected businesses to pay this fee in addition to their existing corporate business tax. All revenue collected (minus funds constitutionally reserved for open space/farmland) will fund New Jersey Transit’s operating expenses and help cover the state’s share for federal transit capital projects starting in 2026. The fee is calculated on the same income base used for corporate business tax, with no credits allowed except for prior overpayments or estimated payments.