August 28, 2024 | njspotlightnews.org
Credit: Image by Engin Akyurt from Pixabay
New Jersey has once again landed in the top 10 among U.S. states in a comprehensive study of taxes motorists are charged when purchasing a gallon of gas.
The state’s 42.3 cents per-gallon gas tax currently ranks as the 8th-highest among the states, after an increase of almost 1 cent that went into effect nearly a year ago.
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NJ SEED: Presently drivers who purchase gasoline in NJ pay nearly 61 cents for each gallon in state and federal taxes. The state’s share stands at 42.3 cents making NJ’s gas tax the eighth highest in the nation. Less than ten years ago the state’s gas tax was 15 cents per gallon. Funding the Transportation Trust Fund from the gasoline tax is a means to guarantee the Fund will not run out of money. This important source of revenue could disappear if the Governor’s Energy Master Plan succeeds in eliminating fossil fuels.
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