The bill amends the New Jersey Transportation Trust Fund Authority Act to revise the gas tax rate calculation and establish an annual fee for zero-emission vehicles, starting at $250 in 2024 and increasing annually. It introduces new provisions for the issuance of transportation program bonds, raising the cap from $12 billion to $15.6 billion, and extends the authorization period for these bonds until June 30, 2029. The bill also mandates that any net premiums from bond issuance count against the bond limit and requires the authority to report to the Joint Budget Oversight Committee before issuing refunding bonds. Additionally, it creates a subaccount within the Transportation Trust Fund specifically for revenues from the new zero-emission vehicle fee, which will be allocated to transportation projects but not for debt service.

Furthermore, the bill establishes the Transportation Policy Review Board, composed of nine public members with expertise in transportation finance and policy, to evaluate financing and provide policy recommendations. It outlines funding allocations for state aid to counties and municipalities for transportation projects and sets standards for the State of Condition of Transportation Financing certification. The bill also revises the rate-setting procedure for the Petroleum Products Gross Receipts Tax (PPGRT) on highway fuels, adjusting the cap amount and abolishing the three-member review council overseeing the PPGRT. Overall, the bill aims to enhance funding for transportation projects while ensuring fiscal discipline and accountability in managing transportation funds.

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