The bill amends the New Jersey Transportation Trust Fund Authority Act to extend the authorization for the issuance of transportation program bonds through June 30, 2032, and introduces a new annual registration fee for electric vehicles, set at $300 for passenger vehicles and $450 for commercial vehicles, starting July 1, 2024. It also appropriates significant funding, including $1 billion from the General Fund to the New Jersey Transit Corporation for capital projects and operating expenses, and an additional $1.5 billion from the New Jersey Debt Defeasance and Prevention Fund to the Transportation Trust Fund for capital projects. Furthermore, the bill repeals the sales and use tax exemption for zero-emission vehicles, redirecting the revenues generated from these sales, up to $100 million annually, to the Transportation Trust Fund.

Key amendments include the insertion of new legal language that allows for the issuance of transportation program bonds under the new authorization, which is pending before the Legislature. The bill also establishes a Transportation Policy Review Board to evaluate transportation financing and provide policy recommendations. Additionally, it adjusts tax rates for highway fuel and establishes a cap on revenue derived from these taxes, ensuring fiscal discipline in transportation financing. Overall, the bill aims to enhance funding for transportation infrastructure while adjusting tax and fee structures related to electric vehicles.

Statutes affected:
Introduced: 27:1B-3, 27:1B-9, 27:1B-20, 27:1B-21.1, 27:1B-22.2, 54:15B-3, 54:32B-8.55