New Jersey lawmakers are set to vote on a sweeping plan to raise the gasoline tax by 23 cents per gallon, slash other taxes and fund transportation over the next 10 years.
The Democrat-led Assembly and Senate on Monday plan key votes on the legislation. The state’s $1.6 billion transportation trust fund runs out of authority for new borrowing on Friday.
The legislation would pay for a $2 billion-per-year fund over the next 10 years, financed in part by a hike in the gas tax as well as a jet-fuel tax increase.
The measure includes a phase-out of the estate tax, a cut in retirement income taxes, and an increase in a tax credit for poor filers.
Republican Gov. Chris Christie has said he opposes the legislation.