Section 54:32B-8.19 - Property taxable under municipal ordinanceReceipts from sales of tangible personal property and services taxable under any municipal ordinance which was adopted pursuant to P.L. 1947, c.71 (C.40:48-8.15 et seq.) and was in effect on April 27, 1966 are exempt from the tax imposed under the Sales and Use Tax Act, subject to the following conditions:
a. To the extent that the tax that is or would be imposed under section 3 of P.L. 1966, c.30 (C.54:32B-3) is greater than the tax imposed by such ordinance, such sales shall not be exempt under this section; andb. Irrespective of the rate of tax imposed by such ordinance, such sales shall be exempt only to the extent that the rate of taxation imposed by the ordinance exceeds 6%, except that the combined rate of taxation imposed under the ordinance and under this section shall not exceed 13% on or before December 31, 2016, 12.875% on and after January 1, 2017 but before January 1, 2018, and 12.625% on and after January 1, 2018.Amended by L. 2016, c. 57,s. 5, eff. 10/14/2016.Amended by L. 2006, c. 44, s. 10, eff. 7/8/2006.L.1980, c.105, s.31; amended 1981, c.461, s.12; 1982, c.125, s.5; 1982, c.227, s.6; 1990, c.40, s.7; 1992, c.11, s.5. L. 2006, c. 44, s. 20, states, "This act shall take effect immediately, provided however that sections 3, 4, 10 and 18 shall remain inoperative until July 15, 2006 and provided further that sections 1, 2, 5 through 9, and 11 through 16 shall remain inoperative until October 1, 2006."