The following statement can be attributed to Tom Wright, President and CEO of Regional Plan Association:
“A safe, reliable and modern public transportation system is more important than ever as the region begins to recover from the COVID-19 crisis. For the first time in its 40-year history, New Jersey Transit has released a long-term strategic plan. We commend agency and statewide leadership for their commitment in seeing this through and taking one step closer to a better transit system for New Jerseyans.
The agency has identified almost $8 billion dollars in funding for capital projects between now and 2030, but $17 billion will be needed to fund all the projects presented in the plan, or another $1.7 billion each year.
New Jersey Transit will need additional federal funding and increased State funding for these projects. Revenue sources could include restoring the state sales tax to seven percent, which would raise $500 million annually; and increasing New Jersey’s gas tax, where each penny increase would generate $50 million annually. Another option would be to allocate a portion of the recently-approved toll increases on the Garden State Parkway and New Jersey Turnpike to NJ Transit’s capital needs. These new tolls are expected to raise $525 million each year in new revenue. Participation in the regional Transportation-Climate Initiative (TCI), a system to put a price on carbon emissions from motor vehicles, could also generate needed funding.
We look forward to working with our partners in the environmental, housing, public health, social justice, and business communities to advocate for state actions that support more and better transit.”
