New Jersey will raise its gasoline tax by about a penny per gallon next month, Gov. Phil Murphy's administration said Friday.
The tax rate combines two different levies commonly referred to as the gas tax in the state and will climb to 42.3 cents a gallon from 41.1 cents.
"Our analysis of the formula dictates a 0.9 cent increase this coming October," said State Treasurer Elizabeth Maher Muoio. "As mandated by the 2016 law, this dedicated funding stream continues to provide billions of dollars across the state to support crucial transportation infrastructure needs." The law called for state funding to support bridge and road infrastructure to remain steady at $2 billion annually for eight years. The legislation calls for yearly adjustments to the fuel tax if receipts don’t meet that level.
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