the staff of the Ridgewood blog
Ridgewood NJ, New Jersey has reached a tentative agreement with its most profitable companies to temporarily increase taxes in order to fund NJ Transit. Under this plan, the 600 corporations in the state that earn at least $10 million annually will pay a 2.5% tax on all earnings for the next five years.
In exchange, the state will not restore the sales tax to 7% from the current 6.625%, a major point of contention for businesses that oppose increasing the corporate tax rate.
Both the “transit tax” and the final state budget still need approval from the Legislature next week, with the budget deadline looming on June 30.
This potential deal comes during a challenging week for NJ Transit and Amtrak, marked by a series of service disruptions that have severely impacted rail commuters.
NJ Transit CEO Kevin Corbett addressed the issues in a statement on Friday afternoon, calling the situation “unacceptable.”
“We are as frustrated as our customers, and the frequency and impact these issues are having on our customers’ quality of life is clearly unacceptable,” Corbett stated. “Regarding today’s incident specifically, we’ve had rail maintenance supervisors positioned at Newark Penn Station to inspect trains in light of the recent incidents. The train involved was inspected thoroughly before leaving Newark, including the pantograph, and no defects were found.”
Corbett emphasized that they are collaborating with Amtrak to identify the root causes of the recent disruptions.
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“temporarily increase taxes”. Never heard that one before. LOL