**Update to Tax Development Issued on 10/6/16**
Governor Chris Christie signed NJ A.B.12 into law on October 14, 2016. We reported on this tax development on October 6, 2016. The bill is the result of bipartisan agreement, revises the New Jersey Transportation Trust Fund (TTF) Authority Act, and provides both tax cuts and a gas tax increase. Noteworthy items include:
Under the new TTF plan, 100% of the gas tax revenue is constitutionally dedicated to the repair and replacement of New Jersey roads and bridges for the next eight years. It is hoped that the tax cuts enacted will, to an extent, offset the additional tax cost New Jersey drivers will soon be facing at the pump.