TRENTON, N.J. - The gas tax in New Jersey will fall by a penny a gallon, or about 2% — the second straight year the levy has declined, Gov.
Phil Murphy's administration said Monday.The tax rate combines two different levies that are commonly known as the gas tax in the state and would fall from 42.4 cents a gallon to 41.4 cents."Because actual consumption in Fiscal Year 2022 was moderately above our projections made last August, and consumption in the current fiscal year is projected to be slightly above last fiscal year’s levels, our analysis of the formula dictates a 1.0 cent decrease this coming October," said State Treasurer Elizabeth Maher Muoio in a statement. "We are pleased that this dedicated funding stream continues to provide billions of dollars across the state to support our critical transportation infrastructure needs."It's the second straight year the tax has fallen, though this year's drop is a fraction of the more than 8-cent decline of 2021.The annual evaluation of the gas tax comes as part of a 2016 law enacted under then-Gov.
Chris Christie calling for state funding to support bridge and road infrastructure to remain steady at $2 billion annually for eight years.
The law calls for yearly adjustments to the fuel tax if receipts don't meet that level.Get breaking news alerts in the free FOX5NY News app! | Sign up for FOX 5 email newslettersThe treasurer and legislative officials review revenue and set the tax rate to reach the target figure each year.