Some commuters want businesses to pay additional taxes to NJ Transit

NEWARK, N.J. (PIX11) -- - Some New Jersey Transit riders hope the state's richest corporations pay their 'fair share' to fund the agency.

On Thursday, advocates pushed for the proposed Corporate Transit Fee, requiring companies making at least $10 million in annual profit to pay a 2.5% fee to NJ Transit. Gov. Phil Murphy proposed the fee in his budget address earlier this year.

This comes weeks before NJT riders are about to start paying more after the agency approved a 15 % fare hike in April.

"Without the corporate transit fee, it's likely we're going to see more service cuts and more fare hikes," said Alex Ambrose of NJ Policy Perspective.

Hoboken Mayor Ravi Bhalla joined them outside of Newark Penn Station in support.

"We have the highest percentage of residents who rely upon mass transit in New Jersey, the City of Hoboken," said Bhalla, "so this is a critical issue for the residents of Hoboken."

Meanwhile, State legislators and business leaders who oppose the idea say the fee would further damage New Jersey's business reputation, saying New Jersey is already expensive enough to do business in.

"We should find ways to move money, if we need to, to New Jersey Transit from within the existing revenue stream," said Assembly Minority Leader John DiMaio (R-NJ). "Taxes have been raised for the last six years over and over again."

"This will be passed on to everybody in New Jersey as the cost to corporations goes up," said Senate Republican Budget Officer Declan O'Scanlon (R-NJ).

New Jersey Chamber of Commerce CEO Tom Bracken has called it a nightmare scenario.

"This is impacting 600 of our largest employers who generate a tremendous amount of income for our economy and who are some of our biggest corporate philanthropists," said Bracken, "and you're really poking them in the eye with this."

The State budget is due before July 1.