New Jersey’s gas tax rate will increase by 2.6 cents per gallon beginning the first of the new year.
The Department of the Treasury announced on Monday that the increase is the result of the 2024 law (Chapter 7) which gradually raises the State’s Highway Fuel Cap from Fiscal Year 2025 through Fiscal Year 2029.
The FY2025 Highway Fuel Cap is set by the new statute at exactly $2.032 billion, which is $84 million, or 4.3 percent higher than the previous baseline level of $1.948 billion, and will increase each fiscal year, reaching $2.366 billion in FY2029.
“Based on our review of the consumption data, combined with the requirement to meet the new statutory target, we have determined that the new formula dictates a 2.6 cent increase this coming January,” State Treasurer Elizabeth Maher Muoio said. “We are pleased that this dedicated funding stream continues to provide billions of dollars across the State to support our critical transportation infrastructure needs.”
