Assembly Republican Leader Alex DeCroce and Senator Jennifer Beck have introduced identical proposals for constitutional amendments that dedicate an additional $500 million annually to finance transportation projects in New Jersey. Current funding for the Transportation Trust Fund (TTF) will be exhausted in less than three years if no action is taken.
“While Governor Corzine is talking about increasing tolls and the gas tax to pay for transportation funding, Republicans have demonstrated these projects can be funded out of existing revenue,” said DeCroce, R-Morris and Passaic. “Our plan provides the funding necessary for these important transportation needs while not imposing higher taxes on already overburdened New Jersey taxpayers.”
“The Transportation Trust Fund expires in three years,” Beck stated. “It is important we plan ahead, identify stable funding sources and constitutionally dedicate the necessary dollars for repairs and improvements to our transportation infrastructure. I am proud that our proposal finds the money for these vital projects without increased taxes or tolls.”
The TTF now collects roughly $1.6 billion from the gasoline tax, diesel fuel tax and the petroleum gross receipts tax each year. Very soon, all of that money will be dedicated to paying the debt service on outstanding bonds, leaving nothing for new projects.
The proposed amendment will dedicate at least $500 million per year in Motor Vehicle Commission fee collections to transportation projects, only $200 million of which can be used to pay debt service on bonds. The rest will go directly to paying for transportation projects as the money is needed.
The proposed amendment contains a provision that specifically prohibits the Legislature from using the funds for anything but transportation improvements.
“The future of our quality of life and our economy are dependent on the efficiency and condition of our road, rails bridges and tunnels,” Beck continued. “We must take every step to ensure that our roads and rail connections are kept in good repair and that the transportation system is continuously updated.”
“This is part of our comprehensive plan to restore fiscal responsibility to our state budget while making sure that we don’t exacerbate our state’s affordability crisis,” DeCroce said. “Maintaining a safe and reliable transportation system is vital to our state, and this bill allows us to fund this very important priority without higher taxes or tolls.”
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August 6, 2008
