March 14, 2024 – The New Jersey Assembly Appropriations Committee has approved and sent Transportation Trust Fund (TTF) renewal legislation to the full Legislature.

The plan calls for:

  • A 1.9 cent per gallon gas tax increase for each of the next five years, beginning July 1.
  • Implementing a $250 annual fee for Electric Vehicles and increasing the fee by $10 for each of the next four years.
  • Allocating dollars to fund New Jersey Transportation Department, NJ TRANSIT, county and municipal infrastructure improvements.

Transportation leaders say the proposal creates $2 billion for road, bridge and rail improvements in each of the first two years. Dollars would increase by 3% in each of the following three years. For comparison, the current TTF, which runs out of money at the end of June, provides $2 billion for infrastructure investments.

Alliance for Action Senior Vice President Chris Hartman said, “Transportation is the lifeblood of the state’s economy. Studies show these investments will return $3 for every dollar invested and create more than 21,000 jobs each year. Those workers would earn about $1.7 billion annually.”

The full Legislature plans to vote on the proposal on Monday. The Alliance for Action will be there, working to ensure New Jersey jobs and our future are protected. We’ll give you the latest details.

The Alliance for Action is celebrating its 50th anniversary in 2024. Since 1974, we’ve worked as a non-partisan and non-profit association representing thousands of business, labor, government, utility, education, professional, and other New Jersey leaders. Our mission is to improve New Jersey’s economy through the promotion of environmentally friendly capital construction and infrastructure investment.