New Jersey Governor Signs Law Phasing Out Sales Tax Exemption on Zero Emission Vehicles, Repeals Sales Tax Holiday

The New Jersey Governor signed a law concerning sales and use tax exemptions. The law includes provisions: 1) phasing out the current sales and use tax exemption for sales of zero emission vehicles by imposing a sales tax rate of 3.3125 percent for vehicles sold on or after Oct. 1, 2024, but before July 1, 2025, and imposing the statutory rate beginning on July 1, 2025, which is currently 6.625 percent; and 2) repealing the annual sales tax holiday for the retail sale of computers, school computer supplies, school supplies, school instructional materials, and sport or recreational equipment. The law ...