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NJ S470
NJ S470Increases motor fuels tax and amount annually required to be credited to Transportation Trust Fund.
summary
Introduced
In Committee
Crossed Over
Passed
Dead
Introduced Session
2010-2011 Regular Session
Bill Summary
This bill would provide enhanced funding of the New Jersey Transportation Trust Fund (TTF) through an increase in the rate of the tax on motor fuels and a corresponding increase in the amount required by law to be annually credited to the TTF. The amount of the increase would be two cents per gallon in the each of the State fiscal years 2011 through 2016. The bill increases the States required annual contribution to the TTF from the current $483 million to $575 million in State FY2011, $667 million in State FY2012, $759 in State FY2013, $851 in State FY2014, $943 million in State FY2015, and $1,035 million in State FY2016.
AI Summary
This bill increases the motor fuels tax and the amount of money that must be annually credited to the Transportation Trust Fund (TTF) in New Jersey. The TTF is a fund used to finance transportation projects. Starting in State fiscal year 2011 and continuing through State fiscal year 2016, the tax on motor fuels will increase by two cents per gallon each year. Concurrently, the State's required annual contribution to the TTF will rise from $483 million to $575 million in FY2011, then incrementally to $1,035 million by FY2016. This legislation amends existing laws to reflect these changes in tax rates and required fund allocations.
Committee Categories
Transportation and Infrastructure
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Transportation Committee (on 01/12/2010)
bill text
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| Bill | https://www.njleg.state.nj.us/2010/Bills/S0500/470_I1.HTM | 05/28/2012 |
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