Lawmakers unveil plan to hike fuel taxes for road funding
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.
WHYY is your source for fact-based, in-depth journalism and information. As a nonprofit organization, we rely on financial support from readers like you. Please give today.
The city plans to rejuvenate its southeastern side, emphasizing diversity and exploring an Office of New Americans.
1 week ago
Regulators close Philadelphia-based Republic First Bank, first U.S. bank failure this year
The FDIC said it had seized the Philadelphia-based bank, which did business as Republic Bank and had roughly $6 billion in assets and $4 billion in deposits as of Jan. 31.
1 week ago
New Jersey Transit approves a 15% fare hike, the first increase in nearly a decade
The increase, which takes effect July 1, also calls for annual, regular fare increases of 3% in subsequent years. It's the first time rates will rise in nearly 10 years.
4 weeks ago