The bill amends the New Jersey Transportation Trust Fund Authority Act to enhance the state's transportation infrastructure funding through various measures. It extends the gas tax rate calculation process until Fiscal Year 2032 and introduces a new sales and use tax along with an additional registration fee for electric vehicles, set at $300 for passenger vehicles and $450 for commercial vehicles, starting July 1, 2024. The bill appropriates $2.5 billion for transportation projects, including public highways and transit systems, and allows for the issuance of transportation program bonds, with a cap of $12 billion until June 30, 2032. It also includes provisions for a potential increase in bonding authorization of up to $4 billion from FY 2029 through FY 2032, contingent upon a review by the authority.

Additionally, the bill establishes a Transportation Policy Review Board to evaluate transportation financing and provide policy recommendations, with members appointed by the Governor and legislative leaders. It mandates the board to report its findings to legislative committees and outlines budgetary provisions for independent research. The bill also repeals the sales and use tax exemption for zero-emission vehicles, redirecting the generated revenue to the Transportation Trust Fund for capital projects. Overall, the legislation aims to ensure sustainable funding for transportation infrastructure while adapting to the growing needs of electric vehicle users and maintaining fiscal responsibility.

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