Reduces tax rate by 50 percent on sales and use of used motor vehicles.

This bill reduces the sales tax rate by 50% on used passenger cars, motorcycles, motor homes, and off-road vehicles sold in New Jersey. It applies to all types of sales - including private transactions, casual sales, and dealer sales - where the vehicle has been previously owned (i.e., transferred from the original buyer). The tax cut lowers the effective rate to 3.3125% (based on current rates), directly affecting buyers of secondhand vehicles. The change takes effect two months after the bill becomes law.