The bill amends the New Jersey Transportation Trust Fund Authority Act of 1984, introducing the term "Circle of Mobility" to encompass various transit projects, including the New Jersey Urban Core Project and rail modifications in Bergen County and central New Jersey. It clarifies the definition of "permitted maintenance" for public transportation and highways, ensuring that maintenance extends the useful life of projects for at least five years while excluding routine maintenance. The bill also outlines the authority's power to issue bonds and other financial obligations, establishing conditions for incurring debt and ensuring that such obligations do not constitute a liability for the State or its political subdivisions.

Additionally, the legislation creates a framework for issuing transportation program bonds, capping the total amount at $15.6 billion until June 30, 2029, and requiring legislative approval for any increases. It establishes the Transportation Policy Review Board, composed of nine members with expertise in transportation finance, tasked with overseeing fiscal discipline and providing policy recommendations. The bill also adjusts tax provisions related to petroleum products, modifies tax rates for gasoline and diesel, and introduces fees for zero-emission vehicles, with revenue directed to the Transportation Trust Fund Account. Overall, the bill aims to enhance fiscal responsibility and transparency in transportation funding management in New Jersey.

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