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A 12 - Restructures Certain State Taxes - New Jersey Key Vote

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Title: Restructures Certain State Taxes

Vote Smart's Synopsis:

Vote to concur with Senate amendments and pass a bill that restructures certain state taxes, including the tax on gasoline.

Highlights:

  • Specifies that the applicable tax rate for gasoline, diesel, and fuel oil shall be determined according to the average retail price per gallon of said fuel, rounded to the nearest tenth of a cent, and adjusted quarterly by Director of the Division of Taxation (Sec. 9).
  • Decreases sales tax to 6.875% in 2017 and 6.625% in 2018 and all years thereafter (Sec. 1).
  • Increases the amount of retirement income exempt from taxation to the following amounts (Sec. 5):
    • For married couples filing jointly, $40,000 in 2017, $60,000 in 2018, $80,000 in 2019, and $100,000 in 2020 and all years thereafter;
    • For married individuals filing separately, $20,000 in 2017, $30,000 in 2018, $40,000 in 2019, and $50,000 in 2020 and all years thereafter; and
    • For an individual filing as a single taxpayer, $30,000 in 2017, $50,000 in 2018, $60,000 in 2019, and $75,000 in 2020 and all years thereafter.
  • Establishes a schedule for estate taxation (Sec. 1).

Full Bill Text

See How Your Politicians Voted

Title: Restructures Certain State Taxes

Vote Smart's Synopsis:

Vote to pass a bill that restructures certain state taxes, including the tax on gasoline.

Highlights:

  • Specifies that the applicable tax rate for gasoline, diesel, and fuel oil shall be determined according to the average retail price per gallon of said fuel, rounded to the nearest tenth of a cent, and adjusted quarterly by Director of the Division of Taxation (Sec. 9).
  • Decreases sales tax to 6.875% in 2017 and 6.625% in 2018 and all years thereafter (Sec. 1).
  • Increases the amount of retirement income exempt from taxation to the following amounts (Sec. 5):
    • For married couples filing jointly, $40,000 in 2017, $60,000 in 2018, $80,000 in 2019, and $100,000 in 2020 and all years thereafter;
    • For married individuals filing separately, $20,000 in 2017, $30,000 in 2018, $40,000 in 2019, and $50,000 in 2020 and all years thereafter; and
    • For an individual filing as a single taxpayer, $30,000 in 2017, $50,000 in 2018, $60,000 in 2019, and $75,000 in 2020 and all years thereafter.
  • Establishes a schedule for estate taxation (Sec. 1).

Full Bill Text

See How Your Politicians Voted

Title: Restructures Certain State Taxes

Vote Smart's Synopsis:

Vote to pass a bill that restructures certain state taxes, including the tax on gasoline.

Highlights:

  • Specifies that the applicable tax rate for gasoline, diesel, and fuel oil shall be determined according to the average retail price per gallon of said fuel, rounded to the nearest tenth of a cent, and adjusted quarterly by Director of the Division of Taxation (Sec. 9).
  • Decreases sales tax to 6.5% in 2017 and 6% in 2018 and all years thereafter (Sec. 1).
  • Increases the amount of retirement income exempt from taxation to the following amounts (Sec. 7):
    • For married couples filing jointly, $40,000 in 2017, $60,000 in 2018, $80,000 in 2019, and $100,000 in 2020 and all years thereafter;
    • For married individuals filing separately, $20,000 in 2017, $30,000 in 2018, $40,000 in 2019, and $50,000 in 2020 and all years thereafter; and
    • For an individual filing as a single taxpayer, $30,000 in 2017, $50,000 in 2018, $60,000 in 2019, and $75,000 in 2020 and all years thereafter.

Full Bill Text

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