NJ Corporate Business Tax Brings in $664 M and Should be Kept, Analysts Say

February 22, 2023 | northjersey.com

More than half a billion dollars could be taken from state coffers if the state's corporate business tax is allowed to expire at year's end, fattening the bottom line of already profitable businesses and taking needed money from programs that benefit the average citizen, left-leaning think tank New Jersey Policy Perspective said in a new report.

NJ SEED: The Corporate Business Tax scheduled to expire this year is an increase enacted in 2018 as temporary and Governor Murphy intends to keep to the deal. To some advocates, however, there is nothing so permanent as a temporary tax.