N.J. Admin. Code § 18:37-2.1

Current through Register Vol. 56, No. 24, December 18, 2024

Section 18:37-2.1 - Tax rates on the transfer of petroleum or petroleum products

(a) The tax on transfers of petroleum or petroleum products shall be at the rate of $ 0.023 per barrel, except as provided in (b) below.

(b) In the event of a major discharge or series of discharges of petroleum or petroleum products resulting in claims against the Spill Compensation Fund that exceeded the existing balance of the fund, a tax rate of $ 0.04 per barrel on transfers of petroleum or petroleum products shall be levied until the revenue produced by such increased rate equals 150 percent of the total dollar amount of all pending reasonable claims resulting from the discharge of petroleum or petroleum products. The tax rate may be less than $ 0.04 per barrel transferred if, as provided by the Spill Compensation and Control Law, the revenue produced by such lower rate shall be sufficient to pay outstanding claims against the fund within one year of such levy.

Amended by 50 N.J.R. 2342(a), effective 11/19/2018