Video: New Jersey Legislature Set to Vote on New Gas TaxPosted:
NEW JERSEY – Prices at the pump are currently low, but that can change based on how New Jersey lawmakers vote this week.
According to AAA Mid-Atlantic, the average price of a gallon of regular gas in the state last Friday was $1.98, down 2 cents from last week. However, gas taxes in the state would go up 23 cents per gallon under a deal reached between republican Governor Chris Christie and Democratic leaders.
On Friday, Christie announced an eight-year deal which would also eliminate the estate tax and cut the sales tax.
Senate President Steve Sweeney and Assembly Speaker Vincent Prieto have signed onto the deal which is expected to raise $2 billion a year. The plan, which will provide funds for the Transportation Trust Fund, still needs approval in both houses of the state's legislature.
Votes are expected in both houses on Wednesday.
The estate tax would be phased out over the next year and a half and the sales tax would be cut by 3/8ths of a percentage point.