New Jersey bill A2992 exempts paraffin used in candle manufacturing from the state's petroleum products gross receipts tax.

New Jersey bill A2992 removes paraffin used in candle manufacturing from the state's petroleum products gross receipts tax. This change aims to eliminate a competitive disadvantage for New Jersey candle manufacturers, who currently face a tax burden on paraffin that their out-of-state competitors do not. The bill defines "paraffin" and "petroleum products" and specifies that the tax exemption applies to paraffin used in candle manufacturing. The changes will take effect immediately for sales made after the bill's enactment.

New Jersey bill A2992 exempts paraffin used in candle manufacturing from the state's petroleum products gross receipts tax.

New Jersey bill A2992 removes paraffin used in candle manufacturing from the state's petroleum products gross receipts tax. This change aims to eliminate a competitive disadvantage for New Jersey candle manufacturers, who currently face a tax burden on paraffin that their out-of-state competitors do not. The bill defines "paraffin" and "petroleum products" and specifies that the tax exemption applies to paraffin used in candle manufacturing. The changes will take effect immediately for sales made after the bill's enactment.