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Bill > ACR128
NJ ACR128
NJ ACR128Proposes constitutional amendment to dedicate certain revenues for State transportation system.
summary
Introduced
03/18/2024
03/18/2024
In Committee
03/18/2024
03/18/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
This concurrent resolution would amend the State Constitution to dedicate certain additional revenues to the Transportation Trust Fund (TTF). As required under the State Constitution, all revenues deposited into the TTF may only be used to support the cost of planning, acquisition, engineering, construction, reconstruction, repair and rehabilitation of the transportation system in this State. Specifically, during any fiscal year in which a tax is imposed under the "Sales and Use Tax Act" on receipts from the sale of electric vehicles, this constitutional amendment would require an amount equivalent to the amount annually derived from the tax, up to $100 million, be deposited into the TTF. Additionally, during any fiscal year in which an additional motor vehicle registration fee is imposed on electric vehicles, this constitutional amendment would require an amount equivalent to the amount of revenue annually derived from the additional registration fee be deposited into the TTF. This constitutional amendment would not require the State to impose a new tax or fee on electric vehicles, nor would it change the standard registration fee that is currently imposed on non-electric motor vehicles. Rather, if the State were to impose a sales tax on electric vehicles or an additional registration fee on electric vehicles, the amendment would require certain amounts of these revenues to be used for transportation purposes.
AI Summary
This concurrent resolution proposes a constitutional amendment to dedicate certain revenues from electric vehicle sales and registration to the Transportation Trust Fund (TTF), which is a special account in the state's General Fund used exclusively for transportation system planning, construction, and repair. Specifically, the amendment would require that if the state imposes a sales tax on electric vehicles, an amount equivalent to the tax revenue, up to $100 million annually, be deposited into the TTF. Similarly, if the state implements an additional motor vehicle registration fee specifically for electric vehicles, the equivalent amount of that fee revenue would also be deposited into the TTF. Importantly, the resolution does not mandate the creation of new taxes or fees on electric vehicles, but rather specifies how such revenues would be allocated if they are implemented in the future. The proposed amendment would be submitted to voters at the next general election, with a ballot question explaining the proposed changes to the state constitution's funding mechanism for transportation infrastructure. The goal is to provide a dedicated funding stream for transportation projects that could potentially be generated from emerging electric vehicle markets.
Committee Categories
Transportation and Infrastructure
Sponsors (1)
Last Action
Introduced, Referred to Assembly Transportation and Independent Authorities Committee (on 03/18/2024)
Official Document
bill text
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/ACR128 |
| BillText | https://pub.njleg.gov/Bills/2024/ACR/128_I1.HTM |
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