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  • NJ A1916
  • Increases petroleum products gross receipts tax rate; dedicates revenue generated from tax to Transportation Trust Fund; provides gross income tax deduction for certain taxes paid on motor fuel.
Introduced
(1/27/2016)
In Committee
(1/27/2016)
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill increases the tax on petroleum products gross receipts from four cents per gallon to nine percent of the average retail price of unleaded regular gasoline. The bill requires that the tax be converted to a cents-per-gallon rate and adjusted semiannually by the Director of the Division of Taxation in the Department of the Treasury, on January 1 and July 1 of each year, to reflect the average retail price per gallon of unleaded regular gasoline in the State. The adjusted tax rate will thereafter be applied for months ending after the adjustment. The bill increases the minimum per gallon tax rate to nine percent of the average retail price of unleaded gasoline in August 2014. The bill also statutorily dedicates all revenue generated from the tax on petroleum products gross receipts to the Transportation Trust Fund, an amount equal to the revenue collected from the petroleum products gross receipts tax or $1,450,000,000, whichever is greater. Currently, an amount not less than $200 million per year is statutorily and constitutionally dedicated. The bill also allows taxpayers to claim an income tax deduction equal to the amount of tax paid for motor fuel from the motor fuels tax and the petroleum products gross receipts tax.
Transportation and Independent Authorities
Introduced, Referred to Assembly Transportation and Independent Authorities Committee  (on 1/27/2016)
 
 
Date Chamber Action Description
1/27/2016 A Introduced, Referred to Assembly Transportation and Independent Authorities Committee
Date Motion Yea Nay Other
None specified