Treasury Announces Gas Tax Rate Will Decrease by 1.0 Cent Effective October 1

August 29, 2022 | state.nj.us

After a thorough review of fuel consumption statistics and consultation with the Legislative Budget and Finance Officer, the Department of the Treasury announced on Monday that New Jersey’s gas tax rate will decrease by 1.0 cent per gallon beginning October 1 to comport with the 2016 law that requires a steady stream of revenue to support the State’s Transportation Trust Fund (TTF) program.

NJ SEED: The formula to guarantee essential funding to the Transportation Trust Fund while not over taxing motorists for this purpose appears to be working as intended.