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 allows for a potential increase in bonding authorization of up to $4 billion if necessary. It appropriates $1 billion from the General Fund to the New Jersey Transit Corporation for capital projects and operating expenses, with an additional $1 billion earmarked for FY 2026. Furthermore, it allocates $1.5 billion from the New Jersey Debt Defeasance and Prevention Fund to the Transportation Trust Fund for capital projects. The bill also introduces an annual registration fee for electric vehicles, set at $300 for passenger vehicles and $450 for commercial vehicles, starting July 1, 2024, with revenues directed to the Transportation Trust Fund Account for capital reserves.

Additionally, 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. It establishes a Transportation Policy Review Board to evaluate transportation financing and provide policy recommendations, and it amends existing tax regulations related to petroleum products by adjusting tax rates for highway fuel and capping revenue derived from these taxes. Overall, the bill aims to enhance funding for transportation infrastructure while ensuring that all vehicles contribute equitably to the maintenance of the state's transportation system.

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