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Future of Gas Tax Revenue Poses Questions for Transportation Trust Fund

January 20, 2024 | wbgo.org






Credit: Image by succo from Pixabay



For the first time in eight years, New Jersey’s transportation trust fund, which helps pay for road work and a lot of other projects, has to be renewed — and by June 30. 


The gas tax puts a lot of money into that fund, so the move toward electric cars raises some questions. 


The state recently signed off on a rule (not a statute) banning the sale of new gasoline-powered cars in New Jersey beginning in 2035.


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NJ SEED: As the year began concerns started to be raised about the future decline in gas tax revenue due to the state’s mandate for electric vehicles. The Transportation Trust Fund is up for renewal by June 30 and the issue of declining gas tax revenues will need to be addressed. More will be heard on this subject over the next four months.


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