BY ADELE SAMMARCO
NEWJERSEYNEWSROOM.COM
It’s no secret residents from surrounding states drive to New Jersey to fill-up their gas tanks for less than what they would ordinarily pay in their own state.
But according to a new report, the Garden State is losing money each year for not increasing its gas tax rates to keep pace with rising transportation and construction costs.
New Jersey hasn’t increased its gas tax rate in 23 years and because of that, the Institute on Taxation and Economic Policy says the state leaves behind more than $500 million on the table every year.
According to the Institute’s report, “Building a Better Gas Tax,” New Jersey’s gas tax rate has fallen by 40 percent over the last two decades.
And New Jersey is not alone. The report shows the average state has not increased its gas tax rate in over a decade, where 14 states have gone 20 years or longer without an increase.
