Eliminates Treasurer's authority to annually adjust petroleum products gross receipts tax.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill eliminates the New Jersey Treasurer’s authority to annually adjust the petroleum products gross receipts tax. Currently, the Treasurer adjusts the tax rate quarterly based on the average retail price of gasoline. Going forward, the Legislature will be responsible for setting the tax rate, with adjustments tied to a ‘highway fuel cap’ amount. This cap is based on revenue from the tax over the previous three fiscal years. The bill also clarifies the tax rates for diesel fuel and other fuels.
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