The Latest: Vote raising New Jersey gas tax cents delayed

TRENTON, N.J. – The Latest on a vote in the New Jersey Legislature to approve a 23-cent per gallon gas tax hike. (all times local):

12:15 p.m.

New Jersey lawmakers postponed a vote on raising the nation’s second lowest gas tax by 23 cents a gallon.

Senate President Steve Sweeney said Wednesday lawmakers will return and vote on the measure on Friday. A spokesman for Assembly Speaker Vincent Prieto confirmed the Assembly will also consider the agreement reached between leaders and Republican Gov. Chris Christie on Friday as well.

If passed, the agreement would raise New Jersey’s gas tax — the second-lowest in the nation — from 14.5 cents to 37.5 cents a gallon.

The legislation would set up a $2 billion-a-year transportation trust fund. It includes cuts in sales, estate and other taxes.

Christie, Sweeney and Prieto reached a deal on the fund last Friday three months after the previous fiscal year’s account expired.

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12:30 a.m.

New Jersey lawmakers are set to vote on an agreement between Democratic leaders and Republican Gov. Chris Christie to raise the state’s gas tax by 23 cents a gallon to pay for road, bridge and transit work.

The Assembly and Senate have scheduled votes for Wednesday on the deal that Christie reached with Assembly Speaker Vincent Prieto and Senate President Steve Sweeney last week.

If passed, the agreement would raise New Jersey’s gas tax — the second-lowest in the nation — from 14.5 cents to 37.5 cents a gallon. That would still be lower than neighbouring New York and Pennsylvania, but higher than Alaska, which at 12.25 cents a gallon has the lowest gas tax in the country.

The deal would establish a $2 billion-a-year transportation trust fund over eight years and cut the sales and estate taxes, while also offering veterans and low-income residents tax credits, among other measures.