New Jersey S2466 decreases the sales and use tax rate from 6.625% to 6% starting January 1, 2026.

New Jersey S2466 reduces the sales and use tax rate from 6.625% to 6% effective January 1, 2026. The bill also adjusts the hotel and motel occupancy fee and modifies tax rates for certain retail sales to ensure local taxes do not exceed the new state tax rate. It specifies tax rates for services and goods provided over the transition period and defines terms like "prepared food" and "space for storage." The changes aim to align local tax rates with the new state sales and use tax rate.

New Jersey S2466 decreases the sales and use tax rate from 6.625% to 6% starting January 1, 2026.

New Jersey S2466 reduces the sales and use tax rate from 6.625% to 6% effective January 1, 2026. The bill also adjusts the hotel and motel occupancy fee and modifies tax rates for certain retail sales to ensure local taxes do not exceed the new state tax rate. It specifies tax rates for services and goods provided over the transition period and defines terms like "prepared food" and "space for storage." The changes aim to align local tax rates with the new state sales and use tax rate.