The Spill Compensation and Control Act was amended by c.50, P.L. 2004, signed into law on June 29, 2004, to provide for an increase in tax rates applicable retroactively to January 1, 2004. Therefore, as of June 29, 2004, the tax rate on the transfer of petroleum or petroleum products, hazardous substances other than petroleum or petroleum products which are or contain precious metals to be recycled, refined, or rerefined in this State, which are transferred into this State subsequent to being recycled, refined or rerefined, or which are or contain elemental phosphorous or which are qualified elemental antimony or antimony trioxide sold for use in the manufacture or for the purpose of fire retardants has increased from $0.015 per barrel transferred to $0.023 per barrel transferred. The tax rate for the transfer of hazardous substances other than the above listed substances has increased from the greater of $0.015 per barrel or 1% of fair market value of the product plus $0.0025 per barrel to 1.53% of the fair market value of the product. These tax rate increases apply to all transfers occurring on or after January 1, 2004
Any questions regarding the Spill Tax or this new tax rate increase may be directed to: Regulatory Services Branch, N.J. Division of Taxation, P.O. Box 269, Trenton, NJ 08695-0269 or e-mail
the Division or by phone: 609-292-5994.