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 new registration fees for electric vehicles, set at $300 for passenger vehicles and $450 for commercial vehicles, effective July 1, 2024. It appropriates $2.5 billion for various transportation projects and initiatives, including $1 billion from the General Fund to New Jersey Transit for capital projects and operating expenses. Additionally, the bill allocates $1.5 billion from the New Jersey Debt Defeasance and Prevention Fund to the Transportation Trust Fund Account for capital projects on a pay-as-you-go basis, explicitly prohibiting the use of these funds for debt service on transportation bonds.

Key amendments include the establishment of a Transportation Policy Review Board to evaluate transportation financing and provide policy recommendations, as well as the repeal of the sales and use tax exemption for zero-emission vehicles, redirecting up to $100 million annually to the Transportation Trust Fund Account for capital reserves. The bill also extends the annual rate adjustment procedure for the Petroleum Products Gross Receipts Tax (PPGRT) through FY 2032, ensuring continued funding for transportation infrastructure projects. Overall, this comprehensive approach aims to enhance transportation funding and infrastructure while adjusting existing tax 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