A new law in New Jersey appropriates $400 million from the state’s Transportation Trust Fund to pay for immediate road and bridge repair projects throughout the state.
The spending does not include the $1.6 billion the state already committed for road and bridge work through June 30.
Previously S3076, the new law is touted to pay for needed transportation work while reducing the burden on property taxpayers.
Sen. Steven Oroho, R-Sussex/Warren/Morris, said a recent tax reform in the state makes it “possible for the state to pay for many critical transportation projects in communities across New Jersey.”
“(S3076) builds on that effort by having the state augment its share of funding for local road and bridge repairs that would otherwise have been borne by residents through increased property taxes,” Oroho said in prepared remarks.
The tax reform called for doubling of local transportation aid in counties and municipalities to help keep down property taxes.
S3076 includes $260 million over three months for road and bridge repairs across the state. The other $140 million is allotted for transit work.
A list of projects is available.
The new law follows enactment last year of a deal to provide a $2 billion per year boost to transportation funding via the state’s first rate increases for gas and diesel in more than one quarter century.
Since Nov. 1, 2016, the gas tax has been set at 37.5 cents per gallon – up from 14.5 cents. The 17.5-cent diesel tax increased to about 36.5 cents the first of the year. Another increase will be imposed on July 1 to reach a total of 44.5 cents per gallon.
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