NJ A2551

Exempts paraffin wax used in candle manufacturing from New Jersey's petroleum products gross receipts tax by adding it to the list of excluded products

Addresses competitive disadvantage faced by New Jersey candle manufacturers, who must pay tax on paraffin while out-of-state manufacturers selling candles in New Jersey do not

Takes effect immediately and applies to first sales of petroleum products made on or after the first day of the quarterly period following enactment

Amends P.L.1990, c.42 (C.54:15B-2) which defines "gross receipts" for petroleum products taxation purposes

Sponsored by Assemblyman Erik Peterson (District 23 - Hunterdon, Somerset and Warren counties)