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New Jersey Gas Tax Hiked by 23 Cents a Gallon

Filling up your gas tank on the other side of the Hudson will no longer result in significant savings: on Friday, New Jersey Governor Chris Christie signed legislation raising the gas tax by 23 cents per gallon, from the 49th highest in the nation to the sixth.

The gas tax hike, which will go into effect November 1st, is intended to pay for an expired transportation trust fund.

The measure decreases the sales tax from 7 percent to 6.875 percent by January and to 6.625 percent by July. It will also phase out the estate tax, changing the threshold from $675,000 to $2 million in 2017 and eliminating it in 2018.

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