Reduces tax rate by 50 percent on sales and use of used motor vehicles.
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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 proposes to lower the sales tax rate on used motor vehicles in New Jersey by 50%. Specifically, it reduces the sales and use tax owed on the sale of used passenger vehicles, motorcycles, motor homes, and off-road vehicles, regardless of whether the sale is between private parties or through a dealer. The reduced tax rate would be 3.3125% of the sale price. The bill aims to provide a tax break for consumers purchasing used vehicles.
Bill text
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Document of record
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Sponsors
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5 on record
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