The New Jersey Division of Taxation issued a bulletin on petroleum products gross receipts tax. The bulletin includes the new methodology for calculating the petroleum products gross receipts tax on the burnout portion of aviation fuel used by common carriers in interstate and foreign commerce, effective July 1. The bulletin also provides an equation and definitions to determine the taxable burnout portion based on an aircraft’s maximum landing weight. [N.J. Div. of Tax’n, Technical Bulletin 116, 05/06/25]
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