New Jersey A2702 decreases the sales and use tax rate from 6.625% to 6% starting January 1, 2026.

New Jersey A2702 reduces the sales and use tax rate from 6.625% to 6% effective January 1, 2026. The bill also adjusts tax rates for hotel and motel occupancy fees and certain retail sales to align with the new sales and use tax rate. It specifies tax rates for periods when goods or services span the date of the rate change. The bill includes provisions for transitional tax rates for various periods leading up to the effective date.

New Jersey A2702 decreases the sales and use tax rate from 6.625% to 6% starting January 1, 2026.

New Jersey A2702 reduces the sales and use tax rate from 6.625% to 6% effective January 1, 2026. The bill also adjusts tax rates for hotel and motel occupancy fees and certain retail sales to align with the new sales and use tax rate. It specifies tax rates for periods when goods or services span the date of the rate change. The bill includes provisions for transitional tax rates for various periods leading up to the effective date.