gas tax

The state Treasury Department reviews the gas tax based upon consumption and revenue generated in order to fund $16 billion worth of infrastructure projects paid for by the Transportation Trust Fund.

It has been announced that New York will be eliminating their gas tax until at least the end of 2022 to offset the record-setting gas prices. Will NJ follow?

New Jersey reportedly has the fourth highest gas tax in the nation. While the Garden State continues to pay over $4 a gallon at the pump, lawmakers are turning their attention towards temporarily lowering that tax.

Gas prices are sky high these days so to help the public, leaders are suggesting a significant cut in gas tax per gallon. Let's take a look:

Gov. Phil Murphy supports a federal gas tax holiday. The state's tax of 42.4 cents a gallon is set by a statutory formula and would need a law to change it.

Under a state law that requires annual adjustments to meet a revenue target, the gas tax in New Jersey goes down 8.3 cents to 42.4 cents a gallon on Oct. 1.

It can never be easy in New Jersey...can it?

The gas tax formula depends in part on projected consumption. Murphy administration says traffic volume won't improve much through next June.

State gas taxes in New Jersey will rise to 50.7 cents per gallon. Gas consumption is down in the COVID-19 recession, triggering a hike under a state formula.

New Jersey's gas tax rises each year as sales decline, to ensure the state a steady level of revenue. The stay-at-home order has made gasoline sales shrivel.

The state Treasury Department has announced the tax on gasoline and diesel fuel will stay the same in 2020.

I don't know about you but I am sick of talking about tax increases. SICK. OF. IT.