New Jersey residents will face a yearly gas tax hike for the next five years, with an announced 2.6 cent increase per gallon beginning in 2025. The rate hike is part of a law that aims to provide more funding for the state’s Transportation Trust Fund. Gasoline will be taxed at 34.4 cents per gallon, while diesel fuel will be taxed at 38.4 cents per gallon. The total tax rate for routine motorists, when combined with the Motor Fuels Tax, will be 44.9 cents per gallon. The state treasurer, Elizabeth Maher Muoio, stated that this dedicated funding stream will support critical transportation infrastructure needs in New Jersey. The gas tax increase is based on factors such as demand and revenue shortfalls, with the goal of bringing in at least $2 billion annually. Along with the gas tax increase, tolls on the Garden State Parkway and the New Jersey Turnpike will also rise in January. This move is in line with a law signed by Gov. Phil Murphy aiming to provide more funds for transportation infrastructure in the state.
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