March 8, 2024 – Lawmakers have taken the first step toward re-authorizing New Jersey’s Transportation Trust Fund, and the Alliance for Action is with them every bit of the way.  Alliance President Jerry Keenan and several industry leaders told members of the Assembly Transportation and Independent Authorities Committee that transportation funding is the lifeblood of New Jersey’s economy and needs to be funded to protect the state’s future.  Following their comments the committee approved a proposal that calls for:

  • A 1.9 cent increase in the gas tax for each of the next five years, beginning July 1.
  • Implementing a $250 fee for Electric Vehicles (EV) and increasing the fee by $10 in each of the next four years.
  • Allocating dollars to fund infrastructure improvements between the New Jersey Transportation Department, NJ TRANSIT, counties, and municipalities.

This is a critical issue because the current Transportation Trust Fund, which funds road, bridge, and rail infrastructure investments, runs out of money on June 30.

Transportation leaders say the proposal would create $2 billion for transportation infrastructure improvements in each of the first two years.  Dollars would increase by 3% in each of the following three years. For comparison, the current funding program creates $2 billion per year.

Keenan told lawmakers, “The Transportation Trust Fund is more than a transportation program. It’s a jobs and economic development initiative. The American Road & Transportation Builders Association says these infrastructure improvements would return $3 in economic return for every dollar invested and yield an estimated $432 million in state and federal tax revenue. It also says the program would create more than 21 thousand jobs each year – those workers earning an estimated $1.7 billion annually.”

The Senate Budget Committee will vote on the plan this Monday. The Alliance for Action will be there.

More details to come.

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.