Reduces taxes on petroleum products gross receipts to 2016 levels; eliminates review council and State Treasurer's authority to change tax rate.

This bill (A 551) reduces taxes on petroleum products (like gasoline and diesel) to the 2016 tax rates and eliminates mechanisms that previously allowed adjustments. It directly affects companies refining or distributing petroleum products in New Jersey by removing the requirement for quarterly tax rate changes based on fuel prices and repealing the State Treasurer's authority to adjust rates. The bill also eliminates a review council and a revenue cap that governed highway fuel taxes from 2018-2026. These changes simplify the tax structure by fixing rates at the 2016 level without future adjustments.