Corporate Taxes

CorporateTaxRevenue0629
Democratic Gov. McGreevey more than doubled corporate income tax revenues in his first budget in FY2003 by imposing a minimum tax on corporations even if they did not make a profit. This tax increase was regarded as so anti-business that Democratic Gov. Corzine and a Democratic legislature later repealed it. New Jersey’s top corporate tax rate of 9 percent is still one of the highest in the country.