N.J. Gov. Wants to Stop Diverting Gas Tax Revenue
Transportation Trust Fund Would Gain $78 Mln. Over 5 Years
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ttempting to shore up New Jersey’s transportation trust fund, Gov. Jon Corzine (D) has asked the legislature to stop diverting a portion of the gasoline tax to the general fund.
The state’s gasoline tax is 10.5 cents a gallon, of which 1.5 cents goes into the general fund. Keeping this portion would add $78 million to the transportation trust fund over five years, according to the state transportation department.
Corzine also wants to refinance $1.8 billion of the trust fund’s $7.4 billion in debt. Corzine’s plan, introduced Feb. 24, would not increase the gasoline or diesel fuel taxes.
