NEW JERSEY — Officials from the New Jersey Department of Treasury announced last week that the states gas tax will not increase next year.
State Treasurer Elizabeth Maher Muoio made the announcement on Wednesday, August 28, after the Department of the Treasury conducted a review of fuel consumption data and consulted with the Legislative Budget and Finance Office, per a 2016 law that requires a steady stream of revenue to support New Jersey’s Transportation Trust Fund program.
The tax rate will remain at 41.4 cents for gasoline and 48.4 cents for diesel fuel.
“We’re pleased that fuel consumption levels, coupled with our realistic projections last year, have allowed us to avoid an increase in the gas tax rate for this year,” Muoio said in a press release. “This dedicated revenue stream has enabled us to disburse billions in funding across the state to bolster our transportation infrastructure and keep New Jersey moving forward.”
The 2016 law was signed by then-Republican Governor Chris Christie and has distributed $4.34 billion for local, county, and state projects.
“We’re pleased that fuel consumption levels, coupled with our realistic projections last year, have allowed us to avoid an increase in the gas tax rate for this year,” Muoio said in a press release. “This dedicated revenue stream has enabled us to disburse billions in funding across the state to bolster our transportation infrastructure and keep New Jersey moving forward.”
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