How Are Electric Vehicles Taxed in Your State?
The state EV taxation landscape reflects the evolving transportation sector and the pressing need to address both fiscal gaps in road funding and environmental concerns.
How does New Jersey’s tax code compare? New Jersey has a graduated individual income tax, with rates ranging from 1.40 percent to 10.75 percent. There is also a jurisdiction that collects local income taxes. New Jersey has a 6.5 percent to 11.5 percent corporate income tax rate. New Jersey has a 6.625 percent state sales tax rate, a max local sales tax rate of 3.313 percent, and an average combined state and local sales tax rate of 6.60 percent. New Jersey’s tax system ranks 50th overall on our 2023 State Business Tax Climate Index.
Each state’s tax code is a multifaceted system with many moving parts, and New Jersey is no exception. The first step towards understanding New Jersey’s tax code is knowing the basics. How does New Jersey collect tax revenue? Click the tabs below to learn more! You can also explore our state tax maps, which are compiled from our annual publication, Facts & Figures: How Does Your State Compare?
The state EV taxation landscape reflects the evolving transportation sector and the pressing need to address both fiscal gaps in road funding and environmental concerns.
Any move to repeal the cap or enhance the deduction would disproportionately benefit higher earners, making the tax code more regressive.
Property taxes are the primary tool for financing local governments and generate a significant share of state and local revenues.
If the policy goal of taxing cigarettes is to encourage cessation, vapor taxation must be considered a part of that policy design.
As more and more states move away from throwback or throwout rules, those states that still impose these rules are becoming less attractive for businesses, which are incentivized to relocate their sales activities to non-throwback states.
California pumps out the highest state gas tax rate of 77.9 cents per gallon (cpg), followed by Illinois (66.5 cpg) and Pennsylvania (62.2 cpg).
However well-intended they may be, sales tax holidays remain the same as they always have been—ineffective and inefficient.
Compare the latest 2023 sales tax rates as of July 1st. Sales tax rate differentials can induce consumers to shop across borders or buy products online.
Taxes are the single most expensive ingredient in beer, costing more than the labor and raw materials combined.
Of all alcoholic beverages subject to taxation, stiff drinks—and all distilled spirits—face the stiffest tax rates. Like many excise taxes, the treatment of distilled spirits varies widely across the states.