The bill amends the New Jersey Transportation Trust Fund Authority Act of 1984, specifically updating Sections 3 and 9 to clarify definitions and provisions regarding the issuance of bonds and notes by the New Jersey Transportation Trust Fund Authority. It defines "permitted maintenance" to include direct costs for preserving public transportation projects and highways, ensuring these efforts extend the useful life of projects by at least five years. The authority is granted the power to issue bonds and notes as general obligations payable from its revenues, with the requirement of prior written approval from the Governor and State Treasurer for such issuances. The bill also establishes debt limits for the authority, capping it at $650 million for fiscal years from 1995 to 2005 and $1.6 billion from 2006 to 2010, while imposing a total cap of $15.6 billion on transportation program bonds until June 30, 2029.

Additionally, the bill creates a "Transportation Policy Review Board" composed of nine members with expertise in transportation finance and policy, tasked with overseeing transportation financing and providing policy recommendations. It establishes a "Local Aid Infrastructure Fund" to allocate state aid for transportation projects at the county and municipal levels, mandating a minimum annual appropriation of $400 million. The bill also introduces adjustments to the taxation of petroleum products, converting tax rates to a cents-per-gallon format and implementing new annual fees for zero-emission vehicles, starting at $250 in 2024 and increasing to $290 by 2028. The bill is set to take effect immediately upon approval and includes the repeal of a previous section of law related to these matters.

Statutes affected:
Introduced: 27:1B-3, 27:1B-9, 27:1B-20, 27:1B-21.1, 27:1B-22.2, 27:1B-25, 54:15B-3, 52:18A-257
Advance Law: 27:1B-3, 27:1B-9, 27:1B-20, 27:1B-21.1, 27:1B-22.2, 27:1B-25, 54:15B-3, 52:18A-257
Pamphlet Law: 27:1B-3, 27:1B-9, 27:1B-20, 27:1B-21.1, 27:1B-22.2, 27:1B-25, 54:15B-3, 52:18A-257