The bill amends the New Jersey Transportation Trust Fund Authority Act to enhance funding for transportation projects and promote zero-emission vehicles. It increases the cap on transportation program bonds from $12 billion to $15.6 billion, extending the authorization for bond issuance 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 repealing a previous section related to tax imposition on highway fuel.

Moreover, the bill establishes the Transportation Policy Review Board to oversee transportation financing and ensure fiscal discipline, with members appointed by the Governor and legislative leaders. It creates new funding frameworks, including the "Local Aid Infrastructure Fund," "Local Freight Impact Fund," and "Local Bridges Fund," to provide targeted support for transportation projects. The bill outlines appropriations totaling $10.367 billion for proposed projects over five years, with specific allocations for state aid to counties and municipalities, as well as projects by the Department of Transportation and New Jersey Transit Corporation. Overall, these changes aim to improve the efficiency and effectiveness of transportation funding and infrastructure development 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