This year, New Jersey’s petrol taxes increased, and a new electric car payment was enacted to pay for bridges, roads, and other transportation infrastructure.
The Transportation Trust Fund will be renewed for five more times by Governor Phil Murphy earlier this year. The fund was established in 1984, and it has since been reauthorized seven days.
Murphy claimed that the policy will help the state “rebuild and keep our whole transportation system, while creating thousands of high-paying jobs in the future and lowering the cost of property taxes by reducing these expenses for regional governments”
The newly updated laws every adjusts the hydrocarbon products gross receipts taxes price by updating the statutorily mandated revenue target, which is now based on 2016 highway fuel tax collections. Gasoline prices will increase by about 2 cents per gallon annually as a result.
Additionally, the costs authorized new fees for registering electric vehicles in addition to already-existing ones for financing the transport fund. These new fees start at$ 250 and are set to increase$ 10 per year until reaching$ 290 in 2028.
Another provisions of the new rules include:
- granting a total of$ 10.37 billion in budget for the State’s Annual Transportation Capital Program from FY 2025 through FY 2029.
- Over the course of the next five years, the fund will have interaction power worth up to$ 8.84 billion.
- Providing around$ 1.5 billion in spend- as- you- move financing for transportation projects.
- Growing the$ 2 billion maximum annual capital program amount by 3 % per year in years three, four, and five of the reauthorization.
According to a statement from National Transportation Research Nonprofit in May 2024:
- 22 % of New Jersey’s main roads are in bad or poor condition.
- 6 % of New Jersey’s bridges are rated in poor/structurally deficient condition and 55 % are at least 50 years old
- Since 2000, car journey on New Jersey’s routes has increased 17 %.
