New Jersey Lawmakers Pass Highest Corporate Tax Rate in US (1)

New Jersey will bring back the country’s highest corporate tax rate in order to fund its public transportation system, which faces significant budget gaps amid service disruptions that have snarled commutes in recent weeks.

The new “corporate transit fee,” pitched by Gov. Phil Murphy (D) earlier this year, passed out of the state Senate and Assembly on Friday. It adds a 2.5% surtax on top of the state’s 9% corporate tax rate for businesses with New Jersey net taxable income above $10 million. The roughly $1 billion in revenue expected from the fee was included in the state’s $56.6 billion ...