Gross Receipt Taxes Become Part of New Jersey’s Recreational Marijuana Legalization
By the time marijuana is sold to a consumer, local taxes could be applied four different times—by one or more localities.
5 min readHow does New Jersey’s tax code compare? New Jersey has a graduated state individual income tax, with rates ranging from 1.400 percent to 10.750 percent. There is also a jurisdiction that collects local income taxes. New Jersey has a graduated corporate income tax, with rates ranging from 6.5 percent to 9.0 percent. New Jersey also has a 6.625 percent state sales tax rate and an average combined state and local sales tax rate of 6.60 percent. New Jersey has a 2.08 percent effective property tax rate on owner-occupied housing value.
New Jersey has an inheritance tax. New Jersey has a 42.4 cents per gallon gas tax rate and a $2.70 cigarette excise tax rate. The State of New Jersey collects $8,308 in state and local tax collections per capita. New Jersey has $10,731 in state and local debt per capita and has a 54 percent funded ratio of public pension plans. Overall, New Jersey’s tax system ranks 50th on our 2024 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 2024: How Does Your State Compare?
By the time marijuana is sold to a consumer, local taxes could be applied four different times—by one or more localities.
5 min readOn Monday, members of the bipartisan Gang of Eight negotiating an end-of-year pandemic relief package announced that they had settled on language and had divided the package into two bills: a pandemic aid package and a $160 billion state and local support package.
6 min readA typical American household with four phones on a “family share” wireless plan can expect to pay about $270 per year (or 22 percent of their cell phone bill) in taxes, fees, and surcharges.
36 min readNew Jersey’s tax design adds another element to the ongoing experiment with legal recreational marijuana in the states.
3 min readVoters in four states, Arizona, Montana, New Jersey, and South Dakota, approved ballot measures legalizing recreational marijuana.
7 min readPresident Joe Biden’s tax plan would yield combined top marginal state and local rates in excess of 60 percent in three states: California, Hawaii, and New Jersey (also New York City).
4 min readHere are the state tax ballot measures to watch on Election Day 2020. Explore the most notable 2020 state tax ballot measures in 15 states.
4 min readAfter six unsuccessful tries at passage, it appears the coronavirus crisis has tipped the scales in favor of Gov. Phil Murphy’s (D) millionaires tax. New Jersey may be feeling the financial squeeze right now, but this large income tax change will not solve budget problems and may exacerbate funding issues by making the state even unfriendlier to businesses.
3 min read