Assemblyman Paul Moriarty (D-Gloucester) has written legislation that would reduce the state gas tax by 50% if the average price of a gallon of gas reaches $4.51 during the months of June, July and August. If gas prices go as high as $5.01 a gallon during the summer months, the state gas tax would be reduced by 75%, and the tax would be suspended if the price tops $5.50 a gallon in New Jersey.
Revenues collected from the gas tax are deposited in the Transportation Trust Fund to support New Jersey’s transportation system. To make sure that that remains fully funded, Moriarty proposes transferring money from the state’s sales tax to the Transportation Trust Fund. New Jersey’s current gas tax is 42.4 cents a gallon.
