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excise tax

An excise tax is a tax imposed on the manufacture, sale, or use of goods—such as cigarettes, fuel, or alcohol—or on an occupation—such as a license tax or an attorney occupation tax—or on an activity such as gambling or betting.

Excise taxes may be ad valorem (calculated by percentage) or specific (calculated per unit).

In New Jersey, excise taxes are levied on various goods, activities, and occupations. For instance, the state imposes an excise tax on cigarettes, which is a specific tax based on the quantity sold, and on alcoholic beverages, which can be either specific or ad valorem depending on the type of alcohol and quantity. Motor fuels like gasoline and diesel are also subject to a state excise tax, which is a specific tax per gallon. Additionally, New Jersey imposes excise taxes on certain activities such as gambling, including both casino games and sports betting. These taxes are typically specific and are based on the amount of revenue generated by the activity. While New Jersey does not have an occupation tax on attorneys, it does require them to pay an annual registration fee to maintain their license to practice law. It's important to note that excise tax rates and regulations can change, so it is advisable to consult with an attorney or the New Jersey Division of Taxation for the most current information.

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excise tax

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Taxes

excise tax

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