Suspends taxation of highway fuels for one year.

Provides for a one-year suspension of the taxation of highway fuel under the �Motor Fuel Tax Act,� P.L.2010, c.22
40 (C.54:39-101 et seq.) and the �Petroleum Products Gross Receipts Tax Act,� P.L.1990, c.42 (C.54:15B-1 et seq.). The benefits of the tax holiday are required to be passed onto consumers in the form of reduced retail prices for highway fuels. Specifically, the one-year tax holiday would begin on the seventh calendar day following the date of enactment. Requires the Director of the Division of Taxation in the Department of the Treasury to provide written notice of the tax holiday to all persons otherwise liable for the payment of highway fuel taxes. Appropriates such amounts as are necessary to offset any reductions in revenue that occur as a result of the bill. 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.

05/12/2022 Introduced in the Senate, Referred to Senate Committee on Transportation.
01/08/2024 Died upon adjournment.