Adjusts the price threshold for the Luxury and Fuel-Inefficient Vehicle Surcharge in New Jersey.

This bill revises the price threshold for a new luxury passenger automobile under New Jersey's Luxury and Fuel-Inefficient Vehicle Surcharge (LFIS). It increases the threshold from $45,000 to $70,000. The New Jersey Motor Vehicle Commission (MVC) imposes a one-time 0.4 percent LFIS on new passenger automobiles with a sales or lease price of at least $70,000 or with a fuel efficiency rating of less than 19 miles per gallon. The Director of the Division of Taxation must adjust the fee based on the Consumer Price Index for All Urban Consumers (CPI-U) every three years.

Adjusts the price threshold for the Luxury and Fuel-Inefficient Vehicle Surcharge in New Jersey.

This bill revises the price threshold for a new luxury passenger automobile under New Jersey's Luxury and Fuel-Inefficient Vehicle Surcharge (LFIS). It increases the threshold from $45,000 to $70,000. The New Jersey Motor Vehicle Commission (MVC) imposes a one-time 0.4 percent LFIS on new passenger automobiles with a sales or lease price of at least $70,000 or with a fuel efficiency rating of less than 19 miles per gallon. The Director of the Division of Taxation must adjust the fee based on the Consumer Price Index for All Urban Consumers (CPI-U) every three years.