The bill amends the New Jersey Transportation Trust Fund Authority Act to enhance funding for transportation projects, particularly in light of the increasing focus on zero-emission vehicles. It raises the cap on transportation program bonds from $12 billion to $15.6 billion, effective until June 30, 2029, and introduces a new annual fee for zero-emission vehicles, starting at $250 in 2024 and increasing to $290 by 2028. This fee will be collected alongside vehicle registration fees and will contribute to the Transportation Trust Fund Account - Subaccount for Capital Reserves. Additionally, the bill modifies the rate-setting procedure for the Petroleum Products Gross Receipts Tax (PPGRT) to ensure that revenue aligns with specified targets, while also abolishing the three-member review council overseeing the PPGRT.

Furthermore, the bill establishes the Transportation Policy Review Board to oversee transportation financing and ensure fiscal discipline, consisting of nine members with relevant expertise. It introduces new funding frameworks, including the "Local Aid Infrastructure Fund," "Local Freight Impact Fund," and "Local Bridges Fund," with specific percentages of total appropriations allocated to these funds. The bill also sets a limit on project costs, ensuring that total expenditures do not exceed $10.367 billion over a five-year period from July 1, 2024, to July 1, 2028. Overall, these changes aim to streamline funding mechanisms and adapt to evolving vehicle technologies while supporting the state's Annual Transportation Capital Program for Fiscal Years 2025 through 2029.

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