The governor of the U.S. state of New Jersey signed the Fiscal Year 2025 Budget into law on 28 June 2024, including Bill A-4704/S-3513, which introduces a 2.5% surtax. Referred to as the "Corporate Transit Fee", the 2.5% surtax is imposed on taxpayers subject to corporation business tax (CBT) that have New Jersey allocated taxable net income in excess of USD 10 million for privilege periods b…