Overview

• New Jersey Governor Phil Murphy signed legislation raising the state's gas tax and introducing a new electric vehicle fee to fund infrastructure improvements.
• The gas tax will increase annually by an estimated 2 cents per gallon over the next five years, with electric vehicle owners paying a starting annual fee of $250.
• The measures aim to raise revenues for the state's Transportation Trust Fund, financing major infrastructure projects across New Jersey.
• Critics argue the increases will burden drivers, but supporters highlight the necessity for maintaining and upgrading the state's transportation system.
• The legislation also aims to generate about $6.7 billion annually for the fund, supporting road, highway, and bridge maintenance and repairs.