Amidst a tight gubernatorial race and with Election Day looming Nov. 3, New Jersey Gov. Jon Corzine (D) has said he’ll weigh raising the state’s gasoline tax should he be re-elected to a second term. Corzine also said that, failing such a hike, he would consider diverting money from other programs to keep the state’s Transportation Trust Fund solvent.
Both options are problematic. New Jersey consistently sports the third- or fouth-lowest state fuels tax within the U.S., with most residents opposedto raising the current 14.5-cent-per gallon tax for any purpose, let alone railand transit uses. Diverting money, in turn, would exacerbate looming shortfalls for other needs already anticipated by a budget gap that could reach $8 billionin New Jersey’s next fiscal year, which begins July 1.
Despite that, Corzine said some kind of action would be required. “I’m more than happy to do either one of them, not because I like doing it, but because it’s going to be necessary,” he said in a recent press interview.
“Fifty years from now, when the trains are going under the Hudson River, people will say somebody was willing to make an unpopular decision to do something,” he said. The state’s Transportation Trust Fund is expected to supply New Jersey’s matching share of the $8.7 billion Mass Transit Tunnel under the Hudson River connecting New Jersey and New York.
As recently as last year, Corzine said raising the gas tax would be “a very, very last resort.”