The Corporate Business Tax (CBT) surcharge (A-4202/S-2746) was included as part of the Legislature's budget for 2019.
The budget bill approved by the Senate and Assembly would bump the corporate business tax rate up to 13 percent, the highest in the nation. Governor Murphy is opposed to that and has said he won't approve any budget lacking a millionaires' tax and an increase of the sales tax up to 7 percent from 6.6 percent - both missing from the Legislature's budget plan.
Assembly Speaker Craig Coughlin, D-19th District, and Senate President Stephen Sweeney, D-3rd District are opposed to additional taxes.
NJSA members are encouraged to contact their legislators concerning new tax increases without subsequent budget cuts as well.