New Jersey Gov. Phil Murphy recently signed legislation renewing the state’s Transportation Trust Fund (TTF) for five more years.
TFF invests modernizing and maintaining transportation infrastructure statewide. The current authorization will expire later this year.
The renewal includes:
A new five-year program, beginning July 1, will ensure a steady stream of revenue to support statewide transportation projects. The program will expire June 30, 2029. The law annually adjusts the Petroleum Products Gross Receipts Tax rate by updating the revenue target.
The Annual Transportation Capital Program will receive approximately $10.37 billion, an estimated $2.3 billion that will be allocated to counties and municipalities.
The Transportation Trust Fund Authority will receive up to $8.84 billion in bonding authority.
NJ TRANSIT will receive an additional $91.75 million over the last three years of the program to fund new capital projects. By the fifth year, it will receive more than $813 million annually. The funding will augment the $767 million annually the agency currently receives from the TTF.
A new annual electric vehicle fee of $250 will help maintain road conditions.
The annual tax rate adjustment for sales of gasoline and diesel motor fuel will be delayed from Oct. 1 to Jan. 1 to allow any rate changes to coincide with the new year.