NJBIA President & CEO Michele Siekerka issued a statement in response to Gov. Phil Murphy’s announcement of an NJ TRANSIT fare holiday for riders from Aug. 26 to Sept. 2.
“We understand the affordability challenges facing NJ TRANSIT riders with a 15% fare increase. However, providing this fare holiday on the heels of a massive corporate tax increase to support the budget woes for NJ TRANSIT is a frustrating message and wholly disregards the latest hit our business community just took on competitiveness,” said Siekerka.
She further noted, “New Jersey’s largest employers were just socked with a $1 billion tax increase – retroactively and without warning after the year started – supposedly to help fund NJ TRANSIT. That gives them the largest corporate business tax rate in the nation, by far, on top of other sky-high business taxes. And it required legislative approval.”
Siekerka highlighted that none of the newly raised funds are committed to NJ TRANSIT this year and pointed out that many businesses paying these taxes do not have employees who use NJ TRANSIT.
“New Jersey businesses aren’t asking for a free ride. But they are asking for fairness. Today’s announcement sadly smacks of unfairness to New Jersey’s business community,” she concluded.
