New Jersey Businesses Push Lawmakers on Corporate Tax Relief

New Jersey business leaders urged lawmakers Tuesday to allow a corporate tax surcharge to sunset, saying the move would be a “down payment” on raising the state’s business competitiveness.

Democratic Gov. Phil Murphy as part of his $53 billion fiscal 2024 budget kept his promise to permanently end the surcharge on big companies, including Amazon.com Inc. and Walmart Inc., and he also proposed relief to businesses on taxation of foreign income. Without further legislative action, the surcharge will expire at the end of 2023.

“We view this budget as a down payment towards competitiveness,” Christopher Emigholz, chief government affairs officer ...