Assembly Commerce, Economic Development and Agriculture Committee Statement to Assembly, No. 5088 (2025)

Summary

An Assembly Commerce, Economic Development and Agriculture Committee statement to Assembly, No. 5088, State of New Jersey, dated May 15, 2025, reporting the bill favorably with committee amendments. The statement says current law exempts from sales and use tax certain commercial vehicles registered as farm vehicles with the New Jersey Motor Vehicle Commission that have a gross vehicle weight rating in excess of 18,000 pounds. The bill extends the exemption to such vehicles sold to farmers and registered as farm vehicles, regardless of weight rating, if the taxpayer documents to the Division of Taxation that it qualifies as a farmer. The amendments removed a requirement to show that farming is the primary source of income.

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ASSEMBLY COMMERCE, ECONOMIC DEVELOPMENT AND AGRICULTURE
COMMITTEE

STATEMENT TO

ASSEMBLY,
No. 5088

with
committee amendments

STATE
OF NEW JERSEY

DATED: MAY 15,
2025

The Assembly Commerce, Economic Development and
Agriculture Committee reports favorably and with committee amendments Assembly
Bill No. 5088.

As amended, this bill amends current law to provide a
sales and use tax exemption for farm vehicles purchased by farmers.

Current law exempts from sales and use tax the retail
sales, rentals, and leases of certain commercial vehicles that are registered
as farm vehicles with the New Jersey Motor Vehicle Commission (MVC), and which
have a gross vehicle weight rating in excess of 18,000 pounds. This exemption applies
to trucks, truck tractors, tractors, semitrailers, and combination vehicles. The
bill expands this exemption to include any such vehicles sold to farmers and
registered as farm vehicles with the MVC, regardless of their weight rating.

The bill requires a taxpayer claiming the exemption to
provide documentation to the Division of Taxation in the Department of the
Treasury demonstrating that that taxpayer qualifies as a farmer.

COMMITTEE AMENDMENTS :

The committee amended the bill to remove the
requirement that the taxpayer must provide documentation to the Division of
Taxation that farming is their primary source of income in order to qualify for
the tax exemption.

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