The bill amends the New Jersey Transportation Trust Fund Authority Act to extend the process for calculating the gas tax rate until Fiscal Year 2032 and introduces new registration fees for electric vehicles, set at $300 for passenger vehicles and $450 for commercial vehicles, starting July 1, 2024. It appropriates a total of $2.5 billion to support transportation initiatives, including $1 billion from the General Fund for New Jersey Transit and $1.5 billion from the Debt Defeasance and Prevention Fund for transportation capital projects. Additionally, the bill repeals the sales tax exemption for zero-emission vehicles, redirecting those revenues to the Transportation Trust Fund.

Key amendments include the insertion of provisions that allow for the issuance of transportation program bonds, with a cap of $12 billion on the total amount that can be issued until June 30, 2032. The bill also establishes a Transportation Policy Review Board to evaluate transportation financing and provide policy recommendations, while ensuring that revenues from the new electric vehicle fees are allocated solely to capital reserves for transportation projects. Furthermore, it extends the annual rate adjustment procedure for the Petroleum Products Gross Receipts Tax through FY 2032, ensuring the state meets its revenue targets for infrastructure projects.

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