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New Jersey Gas Tax will raise prices by 23 cents

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The New Jersey Assembly and Senate reached a deal last Friday to raise the gasoline tax 23 cents a gallon. On Wednesday, October 5, 2016, both legislative houses are expected to pass the bill.

Here is what the bill is expected to fund:

  • Eight-year, $16 billion transportation program
  • Elimination of the estate tax if valued over $675,000
  • Sales tax will decrease slightly
    • From 7% to 6.874% January 2017
    • To 6.625 January 2018
  • Earned Income Tax Credit will increase by 5%
  • Tax break on retirement income
  • Tax exemption for veterans

Once the tax is implemented, New Jersey will pay the 7th highest amount in taxes on gasoline.

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