Drivers filling up their tanks in New Jersey will pay less at the pump beginning in October. New Jersey’s gas tax will drop 8.3 cents beginning Oct. 1, State Treasurer Elizabeth Maher Muoio announced Tuesday. The rate decrease will cut New Jersey’s tax from 50.7 cents per gallon to 42.4 cents per gallon.
What is the New Jersey gas tax?
New Jersey’s combined gas tax of 42.4 cents per gallon is made up of an excise tax, or sales tax, of 10.5 cents per gallon, plus the per-gallon gross receipts tax of 31.9 cents. On top of that, there is a federal excise tax of 18.4 cents per gallon, for a total tax on gasoline of 60.8 cents per gallon in New Jersey.
Is New Jersey gas tax going down?
The decrease is the result of a 2016 law, and marks the first cut since the law went into effect. The New Jersey gas tax is dropping by 8.3 cents per gallon, and that savings will be passed on to consumers.
Did NJ just raise the gas tax?
1. New Jersey’s gas tax will go down by 8.3 cents a gallon, or about 16%. The annual evaluation of the gas tax comes as part of a 2016 law that required state funding support bridge and road infrastructure at $2 billion annual for eight years.
When did fuel tax start?
The first federal gasoline tax in the United States was created on June 6, 1932, with the enactment of the Revenue Act of 1932, which taxed 1¢/gal (0.3¢/L).
Why is gas higher in NJ?
Gasoline prices in New Jersey rose to an average of $3.39 a gallon this week, their highest level in seven years, in a sign that the global supply of oil isn’t keeping up with demand in an economy rebooting from a pandemic.
Why are gas prices going up in New Jersey?
TRENTON, N.J. (AP) — Gas prices jumped up again in New Jersey and across the nation, due in large part to high crude oil prices, analysts said. AAA Mid-Atlantic says the average price of a gallon of regular gas in New Jersey on Friday was $3.31, up six cents from a week ago.
Is gas cheaper in Pennsylvania or New Jersey?
According to GasBuddy.com, the national average price for a gallon of gas over the last month was $2.87. The average price in New Jersey was $2,89 and the average price in Pennsylvania was $2.90. Interesting that NJ is cheaper than PA even though someone pumps your gas for you in the Garden State.
What is New Jersey’s tax rate?
Sales Tax and Sales Tax Rates New Jersey charges a sale and use tax of 6.625%.
Will gas tax go up in 2021?
The 2021 increase is ” about 0.6 cents per gallon, and for that typical 14-gallon size fuel tank, that means you’re paying about 8 cents more per fill up, so not a huge difference,” said Doug Shupe, AAA Spokesperson for Southern California.
What state has highest gas tax?
California pumps out the highest state gas tax rate of 66.98 cents per gallon, followed by Illinois (59.56 cpg), Pennsylvania (58.7 cpg), and New Jersey (50.7 cpg).