New Jersey Enacts Legislation to Reduce State Sales Tax Rate

New Jersey has enacted legislation that will reduce the state sales and use tax rate from 7% to 6.875% on January 1, 2017. The state sales and use tax rate will be further reduced to 6.625% on January 1, 2018.In addition, the legislation includes transition rules for contracts that cover periods crossing the tax rate changes. (Ch. 57 (A.B. 12), Laws 2016, effective October 14, 2016, applicable as noted)

Posted on November 16, 2016