N.J. Stat. Ann. § 48:12-98

Every such company shall pay the same franchise taxes upon gross receipts from the operation of autobusses as other owners and operators of autobusses, but shall be exempt from the payment of any tax which by reason of the ownership or operation of any autobus or autotruck would otherwise be assessable under the provisions of chapters 19 to 29 of the title Taxation (s. 54:19-1 et seq.).