Bill Text: NJ S2847 | 2020-2021 | Regular Session | Introduced

---

Bill Title: Eliminates $20,000 sales tax cap and 50 percent sales tax exemption for sales of boats.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-08-25 - Introduced in the Senate, Referred to Senate Budget and Appropriations Committee [S2847 Detail]

Download: New_Jersey-2020-S2847-Introduced.html

---

SENATE, No. 2847

STATE OF NEW JERSEY

219th LEGISLATURE

 

INTRODUCED AUGUST 25, 2020

 

 

Sponsored by:

Senator  VIN GOPAL

District 11 (Monmouth)

 

 

 

 

SYNOPSIS

     Eliminates $20,000 sales tax cap and 50 percent sales tax exemption for sales of boats.

 

CURRENT VERSION OF TEXT

     As introduced.

  

An Act to eliminate the $20,000 sales tax cap and 50 percent sales tax exemption for sales of boats, repealing section 1 of P.L.2015, c.170.

 

     Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

     1.    Section 1 of P.L.2015, c.170 (C.54:32B-4.2) is repealed.

 

     2.    This act shall take effect immediately and apply to sales and uses on or after the 30th day following the date of enactment.

 

 

STATEMENT

 

     This bill repeals the law that provides for a 50 percent sales tax exemption for the sale of boats and a $20,000 cap on sales tax liability for the sale of a boat. The exemption and cap have applied to sales of boats since February 1, 2016.