NJ's Gas Tax Will Go Down Starting Oct. 1

Woodbridge NJ

30 September, 2021

4:14 PM

Description

Believe it or not, New Jersey drivers may begin to see relief at the gas pump, starting this Friday. Beginning Oct. 1, New Jersey's gas tax rate will decrease by 8.3 cents per gallon, the office of the state Treasury announced in late August. This comes after last October, when New Jersey hit drivers with a 9.3 cent increase per gallon as the state said it was desperate to recoup millions of dollars in lost gas tax revenue, as many people stayed home and did not drive in the pandemic. The new gas tax rate will be 42.4 cents per gallon. The gas tax funds New Jersey's Transportation Trust Fund (TTF) program, which funds road improvements, highway paving and bridge safety maintenance and new construction. "Because actual consumption in Fiscal Year 2021 was so closely in line with our projections made last August, coupled with the fact that consumption in the current fiscal year is projected to be above last fiscal year's levels, our analysis of the formula dictates an 8.3 cent decrease this coming October," said State Treasurer Elizabeth Maher Muoio. Starting this Friday, the total tax rates that drivers will pay will be 42.4 cents per gallon for gasoline and 49.4 cents per gallon for diesel. California, Illinois, Pennsylvania, Michigan and New York all have higher gas taxes than New Jersey, reported NJ.com. Be the first to know. Sign up to get Patch emails: https://patch.com/subscribe Contact this Patch reporter: [email protected]