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30% will raise gasoline tax in New Jersey to offset losses due to pandemic

Gasoline consumption decreased almost 40% due to the economic recession and confinement

Drivers will pay 30% more for the state gas tax in New Jersey starting October 1, while the state tries to generate enough money to finance the Transportation Trust Fund.

The gas tax will increase from 30.9 cents to 40.2 cents per gallon; and from 34.9 cents to 44.2 cents for the Diesel.

Combined with the separate state tax, the total tax rate on gasoline will increase to 50.7 cents per gallon, and that on diesel will rise to 57.7 cents per gallon.

“As we have noted before, any change in the gasoline tax rate is dictated by various factors that are beyond the control of the administration ”, said State Treasurer Elizabeth Maher Muoio.

The Transportation Trust Fund is required to provide $ 16 billion for eight years for support infrastructure improvements on the state’s highways and bridges.

Governor (D) Phil Murphy’s administration highlights that People are not driving as much due to the economic recession and lockdown caused by the COVID-19 pandemic.

The New Jersey Department of the Treasury noted that gasoline consumption in the state decreased by almost 40% and diesel consumption by more than 16%, from March to May. Fox News.


laraza.com