Reduces taxes on petroleum products gross receipts to 2016 levels; eliminates review council and State Treasurer's authority to change tax rate.

New Jersey A551 reduces the petroleum products gross receipts tax to four cents per gallon, reverting to the 2016 tax rate. This bill eliminates the State Treasurer's authority to modify the tax based on fuel consumption and removes a review council connected to the 2016 legislative revision. Any future changes to the tax would require legislative approval and the Governor's signature. The bill ensures that the rights of bondholders are not negatively impacted by these changes.

Reduces taxes on petroleum products gross receipts to 2016 levels; eliminates review council and State Treasurer's authority to change tax rate.

New Jersey A551 reduces the petroleum products gross receipts tax to four cents per gallon, reverting to the 2016 tax rate. This bill eliminates the State Treasurer's authority to modify the tax based on fuel consumption and removes a review council connected to the 2016 legislative revision. Any future changes to the tax would require legislative approval and the Governor's signature. The bill ensures that the rights of bondholders are not negatively impacted by these changes.