NJ A4050

Exempts fuel used by school buses transporting pupils to/from school or school-sponsored events from both the petroleum products gross receipts tax and motor fuel tax

Limits the school district exemption to "qualifying school districts" experiencing a State school aid reduction of 6% or more compared to the prior school year under the school funding formula laws

Exemption applies only during the specific "year of eligibility" when the district experiences the qualifying aid reduction

Religious and other charitable organizations operating school buses qualify for the exemption without the State aid reduction requirement

Contractors providing school bus services to qualifying school districts or religious/charitable organizations may also claim the exemption, but contractors serving non-qualifying districts are ineligible