52:14-17.1a - Computation to determine adjustment of rate; formula - New Jersey Statutes

52:14-17.1a. Computation to determine adjustment of rate; formula
    On the first business day of January and the first business day of July of each year a computation shall be made to determine whether the mileage reimbursement allowed in section 1 of P.L.1943, c. 188 (C. 52:14-17.1) is to be  adjusted on that date according to the following formula:

                                 C.P.-B.P.

          Adjustment =             ...........

                                   18

   where:

     a.   Adjustment means the result of the above calculation in the number of whole cents plus one-half cent where the remainder is five-ninths or greater;

   b.   C.P. means the price paid for regular gasoline by the State on the date  of the computation; and

   c.   B.P. means the price paid for regular gasoline by the State on the effective date of this amendatory and supplementary act.

   L.1980, c. 19, s. 2, eff. March 26, 1980.