Imposes additional annual registration fee for electric vehicles; reduces rate of highway fuel taxes; authorizes DOT to conduct alternative revenue feasibility study.

This bill would impose annual registration fees of $300 for passenger electric vehicles and $450 for commercial electric vehicles starting in 2025, with all fees collected going into New Jersey's Transportation Trust Fund. It would also reduce gasoline fuel taxes from 10.5 to 7 cents per gallon and diesel fuel taxes from 13.5 to 9 cents per gallon. The bill requires the Department of Transportation to conduct a study by August 2026 on alternative revenue sources for the Transportation Trust Fund, analyzing options like mileage-based fees, carbon taxes, and increased sales tax dedications. These changes aim to address revenue shifts as electric vehicle adoption grows and fuel consumption declines.