Trenton, New Jersey.When gas prices rise in the new year, you can’t simply point the finger onto Democrats and New Jersey Governor Phil Murphy. Yes, Democrats were given the go-ahead for this year’s rise by a number of Republican lawmakers from New Jersey on the Jersey Shore.
The state of New Jersey’s gas tax will raise by 2.6 cents per gallon on January 1, 2024, after a transportation financing package that was backed by a number of Republican lawmakers was passed earlier this year.
The tax increase is a component of larger changes to the New Jersey Transportation Trust Fund Authority Act of 1984, which provides funding for the Transportation Trust Fund (TTF), which provides funding for state-wide infrastructure projects. Additionally, the proposal raises the overall tax income target for roadway fuels annually through 2029 and extends the TTF’s bonding capacity through that same year.
Republican Senators Robert Singer, James Holzapfel, and Tom Kean, as well as Assemblymen Rob Clifton and Alex Sauickie, voted in favor of the bill, Assembly Bill 4011, which passed the state assembly in March.
In opposition to the measure, Senators Carmen Amato and Michael Testa voted against it earlier this year.
The measure also raises the gas tax and adds a new yearly price for zero-emission vehicles, which will start at $250 in 2024 and go up gradually until 2028. These fees cannot be used to pay down bond debt; instead, they will be placed into a capital reserves subaccount of the TTF to fund transportation initiatives.
According to state officials, the adjustments are required to keep up with the growing expenses of transportation infrastructure and guarantee funding stability for current and upcoming projects.
The five-year plan to maintain and develop New Jersey’s transportation networks includes the new gas tax hike and extra vehicle levies.
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