New Jersey cut its gas tax by 8.3 cents a gallon last Friday — a 16% drop in the state tax on gasoline — but most motorists probably haven’t seen it reflected in lower prices at the pump. And it’s possible they never will, according to advocates for the people who sell gas and those who burn it.
The New Jersey Department of the Treasury announced the gas tax cut on Aug. 24, lowering the state levy to a new total of 42.4 cents per gallon for gasoline and 49.4 cents per gallon for diesel. The federal government taxes gasoline separately.
The cut was the result of a projection that the old per-gallon rate of the state Petroleum Products Gross Receipts tax would exceed its annual target of $2 billion in revenues, and therefore should be lowered, under the 2016 legislation upping the tax.
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