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Breaking Down New Jersey's Transportation Trust Fu..

With all the talk these days about raising the gasoline tax, it is important to have a better understanding of how the money is collected and distributed.  New Jersey has one of the lowest gasoline taxes in the country at 14.5 cents per gallon.  The last time the state gasoline tax was raised was 1988.  There is a push to increase this tax to help fund the soon to be depleted Transportation Trust Fund or TTF.  The TTF, created in 1984, is one funding source that is used to fund transportation projects in New Jersey, for both the building and maintenance of our infrastructure (bridges, roads, tunnels, etc.).  Other funding sources include the federal government, the Port Authority of NY/NJ, and similar authorities.  The TTF is funded by three main taxes: 1) Motor Fuels Tax; 2) A percentage of the Sales & Use Tax; and 3) The Gross Petroleum Receipts Tax.  Combined, these sources generate about $1 billion.  But how are the projects identified and prioritized and just how much is needed?  For perspective, in the FY 2015 capital campaign program, the NJDOT identified $2.5 billion in projects while NJ Transit identified $1.2 billion in projects for a total of $3.7 billion in projects.   The debate is sure to heat up in Trenton in the coming months.  To view more about the TTF see here.

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    The mission of Commerce and Industry Association is to be the leader in free enterprise advocacy for the purpose of fostering, through education, legislative vigilance and membership interaction, an economic climate that enhances business potential and makes New Jersey a better state in which to live, work and conduct business.

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