Provides 60-day reduction in highway fuel taxes.

Provides a 60-day reduction in the taxation of highway fuels under the �Petroleum Products Gross Receipts Tax Act. Provides that during the 60-day period, the tax imposed on highway fuel would return to the rates imposed before the enactment of P.L.2016, c.57 (C.54:15B-13 et al.), which increased the tax on highway fuel and allowed for annual adjustment of such tax rate. Accordingly, the rate of tax imposed on highway fuel under the �Petroleum Products Gross Receipts Tax would equal 2.75 percent of the gross receipts derived from the first sale of highway fuel within the State. The 60-day period would begin on the 10th calendar day following the date of enactment and conclude on the 70th calendar day following the date of enactment. Appropriates such amounts as are necessary to offset any reductions in revenue that occur as a result of the bill. These monies would be appropriated from the General Fund for deposit into the Transportation Trust Fund. Requires the State Treasurer to consider these appropriations when determining the annual rate of taxation for highway fuel under the petroleum products gross receipts tax.

Dead. Same as AB 3855.

05/09/2022 Introduced in the Senate. Referred to Senate Committee on Transportation.
01/08/2024 Died upon adjournment.