Governor Chris Christie signed into law S-3076 (Sweeney, Oroho, Turner, Prieto, Vainieri Huttle, Muoio),which immediately allocates $400 million from the Transportation Trust Fund (TTF) for road and bridge projects, as well as mass transit safety upgrades.
The supplemental appropriation is for the current fiscal year (FY 2017), which ends June 30, and provides $260 million for the state Department of Transportation and $140 million for New Jersey Transit. The funding will allow projects that are already in an advanced stage of design to go to bid this spring and begin construction more quickly. Projects will include resurfacing work, bridge repairs and safety enhancements.
The TTF is financed by an eight-year $2 billion annual State Transportation Capital Program, which includes $1.3 billion for state and local highway and bridge projects and another $677 million for mass transportation projects. The constitutional dedication of 100 percent of gas tax revenues makes the program possible and will generate $16 billion in state funds, which when leveraged with federal dollars, will provide a total of $32 billion for infrastructure projects.
Chris Emigholz
Chief Government Affairs Officer
More
Taxation & Economic Development News
Join a Policy Committee
By joining a NJBIA Policy Committee, you are a member of a select group of members from many different businesses who share a common interest in a particular area of concern.
Member Signup
Sign In
To be part of a Policy Committee, your company must be a member of NJBIA. Already a member? Simply sign in.