A4704 imposes 2.5 percent corporate transit fee on taxpayers with allocated taxable net income in excess of $10 million under the Corporation Business Tax (CBT).
The New Jersey State House of Representatives passed A4704 on June 28, 2024 by a vote of 43 to 34. We have assigned pluses to the nays because lawmakers should focus on reducing all taxes, including corporate taxes in New Jersey, which is already one of the highest in the nation. Corporate taxation is a form of government-imposed theft, seizing profits that businesses have rightfully earned. This violates the principles of the Bill of Rights and the 14th Amendment, both of which were designed to protect private property and ensure equal protection under the law for all Americans.
