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10/18/05-Officials in New Jersey are studying how to replenish the cash-strapped Transportation Trust Fund, the state’s biggest source of road funding. One option being bounced around is selling the New Jersey Turnpike Authority, owner of the turnpike and the Garden State Parkway.
Acting Gov. Richard Codey first floated the possibility of selling a toll road in January. At the time, the state faced a $4 billion budget deficit.
Instead, the New Jersey Legislature cut tax rebates. The state now must find at least $800 million in annual revenue by July 2006 to pay for roadwork, Bloomberg reported.
The 148-mile New Jersey Turnpike runs from the Delaware Memorial Bridge in the southern portion of the state to the George Washington Bridge and New York.
The turnpike and 173-mile parkway generate $716 million in toll revenue annually, Bloomberg reported. It is estimated the state may make $22.5 billion from selling the authority.
The state Office of Legislative Services said the profit would be as little as $3.4 billion after debt is paid.
Selling or leasing the toll roads is considered an alternative to raising the state’s per gallon tax on gasoline and diesel, which is among the lowest in the nation.
It is reported the state would need a 20-cent increase in its fuel tax to finance its transportation needs.
Acting Gov. Richard Codey first floated the possibility of selling a toll road in January. At the time, the state faced a $4 billion budget deficit.
Instead, the New Jersey Legislature cut tax rebates. The state now must find at least $800 million in annual revenue by July 2006 to pay for roadwork, Bloomberg reported.
The 148-mile New Jersey Turnpike runs from the Delaware Memorial Bridge in the southern portion of the state to the George Washington Bridge and New York.
The turnpike and 173-mile parkway generate $716 million in toll revenue annually, Bloomberg reported. It is estimated the state may make $22.5 billion from selling the authority.
The state Office of Legislative Services said the profit would be as little as $3.4 billion after debt is paid.
Selling or leasing the toll roads is considered an alternative to raising the state’s per gallon tax on gasoline and diesel, which is among the lowest in the nation.
It is reported the state would need a 20-cent increase in its fuel tax to finance its transportation needs.