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Completely Compliance: New Jersey Update

by DMA Staff | Jan 24, 2017
DMA_Blog_CC_NewJersey

On June 27, 2016, P.L. 2016, C. 57 was proposed in the State of New Jersey and would decrease the sales tax rate at the state level while causing other state tax rates to increase. After months of discussion, the final tax rates were settled and the bill was approved on October 14, 2016. The state level sales tax rate will be reduced in two stages as outlined below:

Beginning January 1, 2017, the New Jersey sales tax rate will be decreased from 7% to 6.875%. This rate will be effective through December 31, 2017.

Beginning January 1, 2018, the New Jersey sales tax rate will again be decreased. The rate will reduced from 6.875% to 6.625%. This rate will remain effective until further notice.

Due to the sales tax rate changing from 7% to 6.875%, the ST-75, Sales Tax Collection Schedule has been updated and will be effective from January 1, 2017 until December 31, 2017.

Please do not hesitate to contact your local DMA office should you have specific questions or requests.

Completely Compliance is a quarterly e-newsletter exclusively for clients and employees of DMA. It is intended to provide relevant sales/use tax news, events, and information. As such, this e-newsletter should be used for general informational purposes only, and not as a substitute for consultation with professional tax, legal, or other competent advisers. Before making any decision or taking any action based upon information contained in this e-newsletter, you should consult with a DMA professional.