N.J. Stat. § 27:1B-20

Current through L. 2024, c. 87.

Section 27:1B-20 - "Transportation Trust Fund Account."

There is hereby established in the General Fund an account entitled "Transportation Trust Fund Account," which shall consist of three subaccounts entitled: "Transportation Trust Fund Account - Subaccount for Debt Service for Prior Bonds," "Transportation Trust Fund Account - Subaccount for Debt Service for Transportation Program Bonds," and "Transportation Trust Fund Account - Subaccount for Capital Reserves." During the fiscal year beginning July 1, 1984 and during each succeeding fiscal year in which the authority has bonds, notes or other obligations outstanding, the treasurer shall credit to the "Transportation Trust Fund Account - Subaccount for Debt Service for Prior Bonds" a portion of the revenues derived from the following, as determined by the treasurer, and to the "Transportation Trust Fund Account - Subaccount for Debt Service for Transportation Program Bonds" and "Transportation Trust Fund Account - Subaccount for Capital Reserves" only revenues dedicated pursuant to the New Jersey Constitution, including Article VIII, Section II, paragraph 4, which are also derived under subsection a. of this section and from the petroleum products gross receipts and sales tax as set forth in subsection d. of this section, and to the "Transportation Trust Fund Account - Subaccount for Capital Reserves," the revenues derived from the additional annual fee for zero-emission vehicles, as set forth in subsection e. of this section:

a. An amount equivalent to all revenue derived from the collection of the tax imposed on the sale of motor fuels pursuant to chapter 39 of Title 54 of the Revised Statutes, as provided in Article VIII, Section II, paragraph 4 of the State Constitution;

b. (Deleted by amendment, P.L. 2000, c. 73).

c. An amount equivalent to moneys received by the State in accordance with contracts entered into with toll road authorities or other State agencies, provided that effective with the fiscal year beginning July 1, 1988 the amount so credited shall not be less than $24,500,000 in any fiscal year.

The treasurer shall also credit to the "Transportation Trust Fund Account - Subaccount for Debt Service for Prior Bonds," in accordance with a contract between the treasurer and the authority, an amount equivalent to the sum of the revenues due from the increase of fees for motor vehicle registrations collected pursuant to the amendment to R.S. 39:3-20 made by section 32 of P.L.1984, c.73 and from the increase in the tax on diesel fuels imposed pursuant to the amendment to R.S. 54:39-27 made by section 35 of P.L.1984, c.73 and by P.L.1987, c.460, and as amended by section 18 of P.L.1992, c.23, and repealed by section 56 of P.L. 2010, c. 22 and now imposed pursuant to section 3 of P.L. 2010, c. 22 (C.54:39-103), provided that the total amount credited during the fiscal year beginning July 1, 1984 shall not be less than $20,000,000 and that the total amount credited during the fiscal year beginning July 1, 1985 and during every fiscal year thereafter shall not be less than $30,000,000.

In addition to the amounts credited to the account by this section, commencing with the fiscal year beginning July 1, 1995 and every fiscal year thereafter, there shall be appropriated from the General Fund such additional amounts as are necessary to carry out the provisions of this act and beginning July 1, 2000 the fees collected pursuant to subsection a. of section 68 of P.L.1990, c.8 (C.17:33B-63) shall be credited to the account for the purposes of this act, provided, however, the amount credited from such fees during any fiscal year shall not be less than $60,000,000.

d. In addition to the amount credited in subsection a. of this section: beginning January 1 following approval by the voters an amount equivalent to the revenue derived from the tax imposed on the sale of petroleum products pursuant to P.L.1990, c.42 (C.54:15B-1 et seq.), provided, however, such amount shall not be less than $100,000,000 in the period January 1 through June 30 following approval by the voters and shall not be less than $200,000,000 in any fiscal year through the fiscal year commencing July 1, 2015; and in the fiscal year commencing July 1, 2016, an amount equivalent to all revenue derived from the sale of petroleum products pursuant to P.L.1990, c.42 (C.54:15B-1 et seq.) and in each year thereafter; and for the fiscal year commencing July 1, 2001 and for each fiscal year thereafter an amount equivalent to the revenue derived from the tax imposed under the "Sales and Use Tax Act," P.L.1966, c.30 (C.54:32B-1 et seq.) on the sale of new motor vehicles, provided, however, that such amount shall not be less than $200,000,000 for the fiscal year commencing July 1, 2003 and for each fiscal year thereafter, as provided in Article VIII, Section II, paragraph 4 of the State Constitution.

No later than the fifth business day of the month following the month in which a credit has been made, the treasurer shall pay to the authority, for its purposes as provided herein, the amounts then credited to the "Transportation Trust Fund Account - Subaccount for Debt Service for Prior Bonds," "Transportation Trust Fund Account - Subaccount for Debt Service for Transportation Program Bonds," and "Transportation Trust Fund Account - Subaccount for Capital Reserves," provided that the payments to the authority shall be subject to and dependent upon appropriations being made from time to time by the Legislature of the amounts thereof for the purposes of the act, and further provided that the revenues deposited into the "Transportation Trust Fund Account - Subaccount for Debt Service for Transportation Program Bonds" and "Transportation Trust Fund Account - Subaccount for Capital Reserves" shall consist solely of revenues which are dedicated pursuant to the New Jersey Constitution, including Article VIII, Section II, paragraph 4, and subsections a. and d. of this section.

In the event that the amount of appropriations and other revenues made available to the authority are greater than the amount of appropriations and other revenues needed to meet the statutory purposes of the authority in a fiscal year, any of those additional amounts, which are dedicated pursuant to the New Jersey Constitution, including Article VIII, Section II, paragraph 4, and subsections a. and d. of this section, may be deposited into the "Transportation Trust Fund Account - Subaccount for Capital Reserves." Monies deposited in the "Transportation Trust Fund Account - Subaccount for Capital Reserves" shall be held in reserve as a means of ensuring the adequacy of funding to meet the future statutory needs of the authority, and may be transferred to the other subaccounts of the "Transportation Trust Fund Account" or to the "Special Transportation Fund" through appropriation by the Legislature for any statutory need of the authority.

e. For the fiscal year beginning July 1, 2024 and each fiscal year thereafter, an amount equivalent to the sum of all revenues derived from the imposition of an additional annual fee collected upon zero-emission vehicles pursuant to section 8 of P.L.2024, c.7 (C.39:3-8.5) shall be credited to the "Transportation Trust Fund Account - Subaccount for Capital Reserves" to be used for transportation projects. No portion of these revenues shall be appropriated to pay debt service on transportation system bonds, transportation program bonds, or any other bonds, notes, or other obligations, including subordinated obligations of the authority, provided, however, if such fee revenues are dedicated pursuant to the New Jersey Constitution, including Article VIII, Section II, paragraph 4, such fee revenues may then be deposited into the "Transportation Trust Fund Account Subaccount for Debt Service for Transportation Program Bonds" and used to pay debt service on transportation program bonds and any agreements issued in connection with such transportation program bonds.

N.J.S. § 27:1B-20

Amended by L. 2024, c. 7,s. 3, eff. 3/26/2024.

Amended by L. 2016, c. 56,s. 3, eff. 10/14/2016.

Amended by L. 2012, c. 13,s. 5, eff. 6/29/2012.

Amended by L. 2006, c. 3, s. 3, eff. 3/23/2006.

L.1984, c. 73, s. 20; amended 1987, c.193, s.3; 1987, c.460, s.3; 1995, c.108, s.5; c. 73, s. 19.