The bill amends the New Jersey Transportation Trust Fund Authority Act to enhance funding for transportation projects and adapt to evolving vehicle technologies. It increases the cap on transportation program bonds from $12 billion to $15.6 billion, extending the authority's ability to issue these bonds until June 30, 2029. Additionally, it introduces an annual fee for zero-emission vehicles, starting at $250 in 2024 and increasing to $290 by 2028, which will contribute to the Transportation Trust Fund. The bill also modifies the rate-setting procedure for the Petroleum Products Gross Receipts Tax (PPGRT) to ensure that highway fuel tax revenues align with specified targets, while abolishing the three-member review council overseeing the PPGRT.

Moreover, the bill establishes the Transportation Policy Review Board, composed of nine public members with expertise in transportation finance and policy, to evaluate transportation financing and provide policy recommendations. It introduces new funding structures, including the "Local Aid Infrastructure Fund," "Local Freight Impact Fund," and "Local Bridges Fund," ensuring targeted support for counties and municipalities. The amendments aim to improve fiscal discipline and management of transportation infrastructure funding, while also streamlining the tax structure related to highway fuel. Overall, these changes are designed to support the state's Annual Transportation Capital Program for Fiscal Years 2025 through 2029, with a focus on sustainable transportation options.

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