Earlier version omitted that the increase will likely take effect immediately upon the Governor’s signature. There was a negotiation to delay diesel increase in two parts 1-1-2017 and 7-1-2017. FMA is attempting to corroborate this is still the case.
Transportation Trust Fund
Late this afternoon Governor Christie, Senate President Sweeney, and Assembly Speaker Prieto held a press conference announcing a deal to replenish the Transportation Trust Fund.
According to their statements there will be a 23 c/g tax increase on fuel. I assume it will be the PGRT increase that was discussed earlier this year. The offsetting tax cuts include repeal of the estate tax, veterans property tax relief, earned income tax credit increase for working poot, estate tax elimination and a sales tax cut. The TTF program will be $16billion over 8 years.
As soon as there are further details we review and pass them on.
Earlier today the New Jersey Department of Labor and Workforce Development announced that the minimum wage in New Jersey will increase from $8.38 to $8.44 effective January 1, 2017.