New Jersey Statutes 52:27D-437.11. Credit to fund of certain sales tax on paint, etc
Terms Used In New Jersey Statutes 52:27D-437.11
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
b. There shall be set aside from the State revenue collected from the State tax imposed under the “Sales and Use Tax Act,” pursuant to P.L.1966, c.30 (C. 54:32B-1 et seq.), as amended and supplemented, or any other subsequent law of similar effect, an amount equal to the lesser of $0.50 or the tax imposed on every retail sale of a container of paint, or other surface coating material, which shall include any pigmented, liquid substance to be applied to surfaces by brush, roller, spray or other means, including but not limited to, white base paint and colorants; provided, however, that the total amount set aside pursuant to this section shall not exceed $14,000,000 annually.
c. The Director of the Division of Taxation shall adopt, pursuant to the “Administrative Procedure Act,” P.L.1968, c.410 (C. 52:14B-1 et seq.), rules and regulations necessary to implement the provisions of this section.
L.2003,c.311,s.11.