NJ Gas Tax Likely Increasing 23 Cents A Gallon In October

Governor Christie and Democratic Officials have come to an agreement to end the transportation funding crises by agreeing to a hike to the state's gasoline tax by 23 cents a gallon.  The agreement ends a stalemate since the summer that put a halt to virtually all state transportation projects when Governor Christie pulled the plug on all projects until a deal could be reached.  In addition to the gas tax hike, the NJ estate tax would be phased out by 2018.  NJ State sales tax would also be lowered to 6.625% by 2018.  It remains to be seen whether the gas tax increase and offsetting estate and sales tax decreases will be enough to fund the transportation fund, which has been virtually depleted under Governor Christie's watch.  Click here for more on the story.

NJ Gas Tax May Rise 23 Cents Per Gallon -- update

Drivers filling up in New Jersey could have been paying an additional 23 cents per gallon starting Friday July 1st in a plan approved by the Assembly and Governor Christie.  The tax increase would have been the first in 26 years and used to replenish the state's depleted transportation fund as well as reducing NJ's sales tax to 6% by 2018 as well as other tax cuts.  The plan was not approved by the State Senate and Governor Christie ordered a shut down of all State road work. More on the story from the New York Times can be found here.