The New Jersey Legislature approved a bill today which aims to replenish the state’s Transportation Trust Fund by raising the gas tax.
According to the bill, which was only introduced earlier this month, the gas tax would increase by almost 10 cents in the next five years — about 1.9 cents each year.
The bill also institutes an additional tax for zero emission vehicles registered in the State, which would be collected at the time the vehicle is initially registered or renewed.
The bill was approved by a 24-14 vote in the Senate, and 48-28 in the Assembly.
State Senator Bob Singer (R-30) was the sole Republican to vote in favor in the Senate.
Assemblymen Avi Schnall (D-30) and Sean Kean (R-30) also voted in favor of the bill which can potentially bring much needed infrastructure dedicated funds for the district.
Beginning on July 1, 2024, the amount of the fee would be $250 and increase by $10 on July 1 of each year until 2028. After that time, the amount of the fee would be set at $290.
This new hike would be the first major change to the transportation trust fund revenue formula since 2016, when lawmakers approved a deal that reduced the state’s sales tax and eliminated its estate tax in exchange for more than doubling its levies on gasoline and diesel.
Before the 2016 law, New Jersey’s gas tax was the second lowest in the country.
Today, New Jersey’s 42.3-cent-per-gallon tax on gasoline and its 49.3-cent tax on diesel are among the nation’s highest.
The Transportation Trust Fund, or TTF, is used to maintain and renovate the state’s roads, bridges and rail infrastructure.
He bill now heads to Governor Phil Murphy for his signature.
The most greedy…..!!!!
We went from the lowest to the highest
Thank you Avi Schnall for your help in alleviating the tax burden of our struggling Kollel Bnei Torah.
Only struggling Kollel Bnei Torah? It is insult to us working and struggling as well. Now that he is in the New Jersey “beltway”, he won’t be caring about us little guys anymore. Let them stop with the crazy spending instead of constantly raising our taxes. Is there any politician out there who knows what it means to budget?
I agree completely. I just chose that complaint for everyone said he would protect the Torah nucleus of Lakewood. Vouchers etc.
Thieving Democrats, how about they lower the cost of state road construction which is the highest in the nation.
I don’t know where your metric for road cost came from but I don’t really care, because such a stat doesn’t surprise me nor upset me. NJ is the most densely populated state, and therefore, it is only natural to assume that the transportation infrastructure would be closely correlated.
Do you want to have public roads that are in good repair? Well, if so, then the money must come from somewhere. The nice thing about gas taxes is that it places the highest burden on those who use the roads the most. (It has the added benefit of charging more for heavy vehicles which cause the most damage to roads.) The other tax mechanisms are a universal tax, a flat rate per vehicle (like what is being implemented for EVs), or a mechanism where you have to report how many miles you drove and are charged based on the weight class of your vehicle. The gas tax is both fair and non-obtrusive. Although personally I like the self reported mechanism because gas cost increases linearly with vehicle weight but damage occurs exponentially, but I understand the impracticaliteis.
Huh, what does that have to do with anything, per mile cost has nothing to do with how densely populated the state is, or the number of roads built or repaired.