24
Wed, May

New Jersey Gas Tax will raise prices by 23 cents

All Regions
Typography

User Rating: 0 / 5

Star InactiveStar InactiveStar InactiveStar InactiveStar Inactive
 

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.

Sign up via our free email subscription to stay informed!

Upcoming Events