Expect to See The 23-Cent Gas Tax in Effect on November 1st
New Jersey's gas tax will be officially in effect starting on November 1st after legislation passed last Friday.
If you haven't heard, the gas tax has been hiked up to 23-cents a gallon as part of an eight-year plan to boost investments in roads and infrastructure within New Jersey.
Philly.com says this is the first gas tax increase in New Jersey since 1988 and will raise $1.2 billion for the state annually.
According to Gov. Chris Christie, the $32 billion hoped to be accumulated over the next eight-years will be invested in "infrastructure improvements and modernizations in New Jersey."
As soon as it was signed, some legislators already began to discuss efforts to repeal the tax hike, but Philly.com believes it may be destined to fail.
In a statement, Christie says:
The law demonstrates "our commitment to providing tax relief for working New Jerseyans of all income levels, senior citizens, military veterans and property owners, while ensuring solid, reliable, state-of-the-art roads, bridges and mass transit systems," (Philly.com)
So, this new gas tax is a way to fund New Jersey's transportation needs without "taking more out of their pockets."
Business groups in New Jersey are happy to see this new gas hike. Also, according to NJ.com, the new hike will bring relief to retired NJ residents.
Either way, guess we'll be getting ready for the increase in just two more weeks...