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New Jersey does not charge sales tax on most unprepared foods, household paper products, medicine, and clothing. As of July 1, 2022 New Jersey Does not charge sales tax on medical cannabis. [6] New Jersey does not charge sales tax on gasoline, but gasoline is subject to a $0.418/gallon excise tax. [citation needed]
New Jersey does not charge sales tax on goods purchased for resale or on capital improvements but does charge sales tax on certain services. [160] New Jersey does not charge sales tax on gas, however, that is subject to a $0.375/gallon excise tax. Cigarettes are subject to a $2.70/pack excise tax, in addition to sales tax.
For US federal income tax purposes, state and local taxes are defined in section 164(a) of the Internal Revenue Code as taxes paid to states and localities in the forms of: (i) real property taxes; (ii) personal property taxes; (iii) income, war profits, and excess profits taxes; and (iv) general sales taxes.
New Jersey officials say revenues are on target as negotiations for the 2025 state budget begin. However, a sales tax increase could be considered. New Jersey officials say revenues are on target ...
Even states that are known for relatively high taxes like New York State will reduce your property tax by as much as 50% if you’re over 65. You must have an income that’s below the maximum set ...
Currently, the state sales tax sits at 6.625%, where it has been since 2016 after a deal with then-Gov. Chris Christie to finance the state’s Transportation Trust Fund. It was previously 7%.