The estate tax reduction, plus increasing the retirement income tax exemption, would be traded for an unspecified hike in the gas tax to keep the Transportation Trust Fund solvent. But the $400 million in tax cuts won't satisfy Gov. Chris Christie.
The Garden State's 14.5-cent gas tax (10.5 cent excise tax plus 4.0 cpg Petroleum Products Gross Receipts Tax) is the second lowest in the United States (after Alaska's), having not been raised since 1988, notwithstanding recent attempts to do so.
State Assembly Speaker Vincent Prieto (D-Hudson) crafted the latest 'tax tradeoff' strategy in response to proposals by Gov. Chris Christie that would eliminate the estate tax and raise the retirement income exemption. Christie has previously stated he would only support legislation to raise the gas tax if it was accompanied by tax reductions elsewhere. The tax issue has also prompted a debate about what is considered "tax fairness."
"Prieto said at a Statehouse news conference that he would 'be open' to phasing out or raising the exemption on the estate tax, but only as part of a deal on funding the Transportation Trust Fund, which runs out of money this summer and is largely funded by the gas tax," writes Samantha Marcus of NJ Advance Media for NJ.com.
According to an op-ed published Thursday in NJ.com, "The Transportation Trust Fund (TTF) is $16 billion in debt," write construction industry leaders Robert Briant Jr. and Jack Kocsis Jr.
The solution seems clear: If we can't borrow any more money, we need to increase revenue. Currently, the only solution that can raise enough money to fund the TTF, fix our roads, and begin chipping away at our debt burden is one that includes an increase to the gas tax.
Stay tuned...
FULL STORY: Prieto: No N.J. estate tax cut without transportation funding fix
Pennsylvania Mall Conversion Bill Passes House
If passed, the bill would promote the adaptive reuse of defunct commercial buildings.
World's Largest Wildlife Overpass In the Works in Los Angeles County
Caltrans will soon close half of the 101 Freeway in order to continue construction of the Wallis Annenberg Wildlife Crossing near Agoura Hills in Los Angeles County.
U.S. Supreme Court: California's Impact Fees May Violate Takings Clause
A California property owner took El Dorado County to state court after paying a traffic impact fee he felt was exorbitant. He lost in trial court, appellate court, and the California Supreme Court denied review. Then the U.S. Supreme Court acted.
California Grid Runs on 100% Renewable Energy for Over 9 Hours
The state’s energy grid was entirely powered by clean energy for some portion of the day on 37 out of the last 45 days.
New Forecasting Tool Aims to Reduce Heat-Related Deaths
Two federal agencies launched a new, easy-to-use, color-coded heat warning system that combines meteorological and medical risk factors.
AI Traffic Management Comes to Dallas-Fort Worth
Several Texas cities are using an AI-powered platform called NoTraffic to help manage traffic signals to increase safety and improve traffic flow.
City of Costa Mesa
Licking County
Barrett Planning Group LLC
HUD's Office of Policy Development and Research
Mpact Transit + Community
HUD's Office of Policy Development and Research
Tufts University, Department of Urban and Environmental Policy & Planning
City of Universal City TX
ULI Northwest Arkansas
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.