New Jersey Set to Bring Back Highest US Corporate Tax Rate (1)

New Jersey lawmakers are set to approve a tax hike on the largest companies doing business in the state, levying the highest corporate tax rate in the nation to help fund its cash-strapped public transportation system.

Leaders in the Democratic-controlled Legislature have agreed to include the so-called corporate transit fee pitched earlier this year by Gov. Phil Murphy (D) in the state budget due June 30. The measure would tack a 2.5% fee on top of the state’s 9% corporate tax rate on businesses with New Jersey net taxable income above $10 million. It passed out of the state Senate ...