The bill amends the New Jersey Transportation Trust Fund Authority Act to extend the authorization for the New Jersey Transportation Trust Fund Authority to issue transportation program bonds through June 30, 2032, and allows for a potential increase in bonding authorization from Fiscal Years 2029 to 2032. It also extends the annual rate adjustment procedure for the Petroleum Products Gross Receipts Tax (PPGRT) through FY 2032, ensuring continued revenue for transportation infrastructure projects. The bill appropriates $1 billion from the General Fund to the New Jersey Transit Corporation for capital projects and operating expenses, with a similar appropriation planned for FY 2026.

Additionally, the bill introduces a new annual registration fee for electric vehicles, set at $300 for passenger vehicles and $450 for commercial vehicles, effective July 1, 2024. Revenues from these fees will be credited to the Transportation Trust Fund Account for capital reserves. The bill also repeals the sales and use tax exemption for zero-emission vehicles, redirecting the generated revenue, up to $100 million, to the Transportation Trust Fund. Overall, these changes aim to enhance funding for transportation projects while ensuring fiscal responsibility and oversight.

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