Assembly Bill A3209 eliminates automatic increases of petroleum products taxes in New Jersey.

Assembly Bill A3209 eliminates automatic increases of petroleum products taxes in New Jersey. The bill amends existing laws to prevent the annual adjustment of tax rates on petroleum products, which were previously set to meet a "highway fuel cap amount." This cap, approximately $2 billion, is based on 2016 fuel sales at certain tax rates. The bill retains the authority to decrease tax rates if revenue falls short of the cap but removes the authority to increase rates if revenue exceeds the cap.

Assembly Bill A3209 eliminates automatic increases of petroleum products taxes in New Jersey.

Assembly Bill A3209 eliminates automatic increases of petroleum products taxes in New Jersey. The bill amends existing laws to prevent the annual adjustment of tax rates on petroleum products, which were previously set to meet a "highway fuel cap amount." This cap, approximately $2 billion, is based on 2016 fuel sales at certain tax rates. The bill retains the authority to decrease tax rates if revenue falls short of the cap but removes the authority to increase rates if revenue exceeds the cap.