New Jersey lawmakers have unveiled a detailed, bipartisan plan to pay for road and bridge funding, calling for a 23-cent-per gallon fuel tax increase but coupling it with cuts including income taxes on retirement income.
Democratic state Sen. Paul Sarlo and Republican state Sen. Steve Oroho unveiled the 10-year, $20 billion proposal on Friday. Democratic Assembly Speaker Vincent Prieto unveiled a competing plan with some similar proposals, but fewer details.
Gov. Chris Christie says he hasn’t seen the proposals but that lawmakers have to get on the same page.
The state’s transportation trust fund will run out of authority for new borrowing on July 1 and current revenue isn’t enough to pay for the $1.6 billion plan.
The senators call for raising a wholesale fuel tax, amounting to a 23-cent-per-gallon hike if fully passed to customers.