2016 New Jersey Revised Statutes
Title 54 - Taxation
Section 54:32B-4 - Tax Bracket Schedule.

54:32B-4 Tax bracket schedule.

4. a. For the purpose of adding and collecting the tax imposed by this act, or an amount equal as nearly as possible or practicable to the average equivalent thereof, to be reimbursed to the seller by the purchaser, a seller shall use one of the two following options:

(1)a tax shall be calculated based on the following formula:

Amount of SaleAmount of Tax
$0.01 to $0.10No Tax
0.11 to 0.19$0.01
0.20 to 0.32 0.02
0.33 to 0.47 0.03
0.48 to 0.62 0.04
0.63 to 0.77 0.05
0.78 to 0.90 0.06
0.91 to $1.10 0.07

and in addition to a tax of $0.07 on each full dollar, a tax shall be collected on each part of a dollar in excess of a full dollar, in accordance with the above formula; or

(2)tax shall be calculated to the third decimal place. One-half cent ($0.005) or higher shall be rounded up to the next cent; less than $0.005 shall be dropped in order to round the result down.

Sellers may compute the tax due on a transaction on either an item or an invoice basis.

b.(Deleted by amendment, P.L.2008, c.123)

L.1966, c.30, s.4; amended 1970, c.7, s.2; 1982, c.227, s.2; 1990, c.40, s.3; 1992, c.11, s.2; 1993, c.10, s.2; 2005, c.126, s.3; 2006, c.44, s.3; 2008, c.123, s.4.