To the best of my knowledge I don't know of a NJ requirement for black painted back boards. I think (way back when) there may have been a generally accepted method of mounting a breaker panel on plywood when installing against a masonry wall. I think the theory was that if the masonry wall had moisture seeping through it, that moisture would be less likely to seep into the breaker panel if it were mounted on wood and thereby held off the masonry. You'll also notice that the mounting holes on most breaker panels are dimpled and held off the mounting surface by about 1/16" to 1/8" in the event there is some seepage. There was also black "meter board paint" that was used but I don't remember the characteristics of it. In terms of appearance, a gray or tan panel looks a lot better against a black surface than it would on a plain masonry wall. If for no other reason, you'll show the EI you actually care about the appearance of your work.
Just my 2 cents worth.