A retiring New Jersey assemblyman has breathed new life into an attempt to keep a controversial business tax in place.
An extra surcharge on the state’s corporate business tax (CBT) – which is among the highest in the nation – is set to automatically expire on Jan. 1, 2024 unless it’s extended by new legislation.
New Jersey has a 9 percent tax on businesses, with smaller companies earning less than $1 million taxed on a sliding scale that bottoms out at 6.5 percent. It’s expected to raise a whopping $5 billion during the next fiscal year, making it one of the state’s meatiest sources of revenue.