Requires Petroleum Products Gross Receipts Tax rate reduction if certain Legislative action is taken that includes increases in other State tax rates and revenue; dedicates revenues from certain sales and use tax increases to "Transportation Trust Fund Account."

This bill requires New Jersey to reduce the petroleum products tax rate if the legislature passes tax increases on sales or use taxes. Specifically, it mandates that revenue generated from new sales/use tax hikes must be used to lower the petroleum tax rate by an equivalent amount. The law creates a process where the Legislative Budget and Finance Officer calculates the projected revenue increase from new sales tax rates and certifies it for the tax reduction. The revenues from the sales tax increases are dedicated exclusively to the state's Transportation Trust Fund, funding transportation projects. This is a procedural bill linking two tax changes rather than directly altering tax rates.