If you live in New Jersey and drive a gas, diesel, or electric vehicle, you will soon have to pay more as the government looks to raise funds for new infrastructure projects.
On Tuesday, New Jersey Governor Phil Murphy signed a reauthorization of the state’s transportation trust fund. As it stands, the state’s taxes on gas and diesel-powered cars adjust automatically, depending on whether it reaches a $2 billion revenue target. A bill signed by Murphy will raise this target to $2.37 billion by July 2028 and is expected to add approximately 2 cents to the state’s annual fuel levies.
While owners of electric vehicles won’t need to pay this levy, the new legislation will create an annual registration fee for EVs of $250 on July 1, rising by $10 each year until it caps out at $290 in July 2028. This fee will funnel funds into the transportation trust fund and help to pay for road, rail, and bridge works.
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