NJ S2096

Creates a tiered highway fuel tax reduction system for June-August 2022 based on monthly average gasoline prices: no reduction below $4.50/gallon, 50% reduction at $4.51-$5.00, 75% reduction at $5.01-$5.50, and full suspension above $5.50/gallon.

Requires the State Treasurer and Board of Public Utilities to determine and publish monthly average retail gasoline prices by the 15th of each month to trigger appropriate tax adjustments.

Mandates that all tax reductions or suspensions be passed on directly to consumers through lower retail fuel prices.

Appropriates funds from Sales and Use Tax revenues to the Transportation Trust Fund to offset any lost motor fuel and petroleum products gross receipts tax revenue resulting from the tax reductions.

Expires September 22, 2022, with regulations to be adopted within 30 days of enactment.