S.2096

New Jersey S2096 proposes a temporary reduction or suspension of highway fuel taxes based on gasoline prices for three months.

New Jersey S2096 proposes a temporary reduction or suspension of the tax on highway fuels, such as gasoline and diesel, based on the average retail price of unleaded regular gasoline. The bill sets the tax rates for June through August 2022: no tax if the price exceeds $5.50 per gallon, 75% reduction if the price is between $5.01 and $5.50, 50% reduction if the price is between $4.51 and $5.00, and no reduction if the price is below $4.50. The benefits of any tax reduction or suspension would be passed on to consumers in the form of reduced retail prices.