The NJ State Senate and General Assembly both approved the 5-year reauthorization of the Transportation Trust Fund in bipartisan votes earlier today.

The Reauthorization now goes to the Governor’s desk for signature. The reauthorization includes the following key elements:

• Bonding authorization extended from FY2024 to FY2029.
• Authorized bonding amount increased from $12 Billion to $15.6 Billion.
• Creates a new registration fee on zero-emissions vehicles which is dedicated to the TTF Capital Reserve Account.
• This new fee is set at $250 per vehicle for FY2025 and increases $10 per year through FY2029.
• The new fee is not permitted to be used for debt service until such time as it is dedicated.
• The proposal establishes a Capital Program of $10,367,000 over 5 years, as follows.
o FY2025- $2 Billion
o FY2026- $2 Billion
o FY2027- $2.060 Billion
o FY2028- $2.122 Billion
o FY2029- $2.185 Billion
• This program increase equals $60 Million for FY2027, $122 Million for FY2028 and $185 Million for FY2029 over current Capital Program levels.
• The increased funding will be distributed as follows.
o 25% for Local Aid to Counties
o 25% Local Aid to Municipalities
o 25% for NJDOT
o 25% for NJ Transit
• The proposal maintains the annual adjustment of gas tax revenues based on CPI to support the overall Capital Program amount.
• The proposal will also increase the motor fuels tax by 1.9 cents per year over the 5-year program, equating to an overall fuel tax increase of 9.5 cents per gallon.

If you have any questions or concerns, please contact the Kevin Monaco.

Thank you.

Kevin P. Monaco, CAE
Executive Director
Office: (609)-838-1867
Cell: (732)-620-6223