New Jersey Assembly Bill A4776

New Jersey 2024-2025 Regular Session

• Introduced: 9/19/24
• Refer: 9/19/24

Caption

Exempts sales of tangible personal property made from 100 percent post-recycled waste and recycled materials from sales and use tax.

Impact

If enacted, A4776 would amend the New Jersey Sales and Use Tax Act to exclude specific sales from taxation. This change intends to promote the market for goods made from recycled materials, such as bricks, asphalt, and crushed concrete, thereby supporting jobs in the recycling sector and reducing waste sent to landfills. The bill arises at a time when there is an increasing emphasis on green initiatives within state policy, aligning with goals to enhance environmental stewardship and resource conservation.

Summary

Assembly Bill A4776 proposes an exemption from sales and use tax for the retail sale of tangible personal property made entirely from post-recycled waste and recycled materials. The bill aims to encourage the use of environmentally friendly products by lightening the financial burden associated with their purchase. This legislative measure reflects a broader trend towards sustainability and economic support for industries focusing on recycling and waste management.

Contention

Notably, the bill's potential to impact the state’s revenue resource by reducing tax income from these transactions may lead to discussions among legislators focusing on fiscal implications. While proponents of the bill argue that it incentivizes recycling practices and contributes positively to sustainable development, some critics may express concern over the long-term financial effects on the state's budget. This balance between promoting ecological responsibility and managing state revenue will likely be a focal point in debates surrounding the bill.