COVID-19 UPDATE 34
GOVERNOR MURPHY APPROVES THE NJ TURNPIKE AUTHORITY AND SOUTH JERSEY TRANSPORTATION AUTHORITY TOLL INCREASES
Last night Governor Murphy swiftly approved the New Jersey Turnpike Authority and the South Jersey Transportation Authority toll increases! This action will fund annual capital construction programs totaling $1.65 billion per year. Included with the toll increase is an annual CPI increase that will be capped at 3% with a bottom of 1%. These toll increases will generate over $75.5 billion in economic activity, earnings, and tax revenues to New Jersey over a 10-year period. This economic boost comes at a time when the State’s economy is in a severe recession caused by the COVID-19 pandemic.
Specifically, the toll increases will fund an increasing $1 billion annual capital construction program for the New Jersey Turnpike, an additional $400 million annually for NJ Transit’s capital program and $250 million annually for the South Jersey Transportation Authority.
UTCA funded an economic study that was distributed to the Murphy Administration and the media that identifies the vast economic benefits to New Jersey that will virtually be 40% funded and paid for by out-of-state drivers!
During the comment period, UTCA member firms generated approximately 1,200 email comments to the Authorities in support of the toll increases as well as providing testimony in support of the toll hike during both Authority hearings.
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If anyone has questions concerning this notice, please contact us at the UTCA office 732-292-4300.
