It took a while to find but I found their definition of street rod.
Quote:
“Street rod” is a registered modified antique automobile manufactured before 1949.
Source: 39:3-27.3; 39:3-27.15; 39:3-27.27.
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So there isn't really a "hot rod" or modern modified designation. That's something that would probably be a good idea for the state. Come up with a designation for a modified vehicle with limited mileage so it can be driven on occasions or back and forth to "events". NJ would have to make some money on this special designation for them to even consider doing it so something like a $50 or $100 registration fee might get them to actually consider it.