Gov. Phil Murphy and Democratic leaders were in Monmouth County on Tuesday to sign a new law reauthorizing the state’s Transportation Trust Fund, a pot of money that is used to maintain and improve New Jersey’s state highway system.
The new law raises money for the fund by raising the state gas tax roughly two cents annually for the next five years. It also creates new registration fees for electric vehicles, starting at $250 a year and increasing each year until $290 in 2028.
“We’re going to invest billions of dollars into New Jersey’s Transportation Trust Fund so we can keep our transportation system in tip-top shape,” Murphy said at the signing event held at Laborers’ International Union Training Facility in Aberdeen Township.
“This funding will cover the cost of maintenance and repairs for everything from roads and highways to bridges and tunnels to railroads and runways.”
