The proceeds from the new transit fee would help fund NJ Transit, which is also hiking fares.
New Jersey Gov. Phil Murphy speaks to reporters in Trenton, New Jersey, before signing the budget on June 28, 2024. | Daniel Han/POLITICOTRENTON, New Jersey — New Jersey Gov. Phil Murphy is poised to sign a $56.6 billion spending plan and a tax hike on the state’s largest corporations to fund public transportation.
The proceeds from the new transit fee would help fund NJ Transit, which faces a nearly billion-dollar funding gap. The new tax comes as the Metropolitan Transportation Authority is left scrambling to find money for its budget after New York Gov. Kathy Hochul abruptly canceled a congestion pricing plan in Manhattan, which was strongly opposed by Murphy because of its effect on New Jersey commuters.
“You saw the drama that played out in New York City, in New York state, with the MTA, where they were going to rely on third parties, essentially, to solve their fiscal challenge in the transit system,” he said. “All of us committed that we wanted to solve our problems within our four walls, and sometimes that’s not pain-free.”
As part of the budget, there is also a one percent hike on maintenance organization premiums, and the state would phase in the 6.625 percent sales tax to electric vehicles by July 2025. The state Senate’s Environment and Energy Chair, Bob Smith, opposed phasing in the sales tax and voted against it alongside state Republicans and one other Senate Democrat.
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