DEDICATION OF PETROLEUM PRODUCTS GROSS RECEIPTS TAX AND CERTAIN AMOUNTS FROM SALES TAX FOR THE TRANSPORTATION SYSTEM IN THIS STATE
Shall the amendment to Article VIII, Section II, paragraph 4 of the Constitution of the State of New Jersey, agreed to by the Legislature, providing for the crediting of revenue to a special account in the General Fund in the State fiscal year in which this amendment is approved, of not less than $100,000,000 of the revenues from the tax on the gross receipts of the sale of petroleum products, and of not less than $200,000,000 of such revenue in each State fiscal year thereafter and providing that in the State fiscal year next commencing after approval of the amendment and thereafter the crediting to that special account of certain amounts of the revenues from the State tax imposed under the "Sales and Use Tax Act," which shall be not less than $80,000,000 for the State fiscal year next commencing after this amendment is approved and $140,000,000 for the succeeding State fiscal year, and $200,000,000 for each State fiscal year thereafter, to be available only for the funding of the State transportation system, subject to laws enacted on or before December 7, 2000 dedicating any of these revenues for debt service on bonds of the State or for any other uses of these revenues, be approved?


Interpretive Statement:
This constitutional amendment dedicates certain tax revenues for funding the construction and repair of the State tran

[More...]

DEDICATION OF PETROLEUM PRODUCTS GROSS RECEIPTS TAX AND CERTAIN AMOUNTS FROM SALES TAX FOR THE TRANSPORTATION SYSTEM IN THIS STATE
Shall the amendment to Article VIII, Section II, paragraph 4 of the Constitution of the State of New Jersey, agreed to by the Legislature, providing for the crediting of revenue to a special account in the General Fund in the State fiscal year in which this amendment is approved, of not less than $100,000,000 of the revenues from the tax on the gross receipts of the sale of petroleum products, and of not less than $200,000,000 of such revenue in each State fiscal year thereafter and providing that in the State fiscal year next commencing after approval of the amendment and thereafter the crediting to that special account of certain amounts of the revenues from the State tax imposed under the "Sales and Use Tax Act," which shall be not less than $80,000,000 for the State fiscal year next commencing after this amendment is approved and $140,000,000 for the succeeding State fiscal year, and $200,000,000 for each State fiscal year thereafter, to be available only for the funding of the State transportation system, subject to laws enacted on or before December 7, 2000 dedicating any of these revenues for debt service on bonds of the State or for any other uses of these revenues, be approved?


Interpretive Statement:
This constitutional amendment dedicates certain tax revenues for funding the construction and repair of the State transportation system. It provides that the revenues from the tax on the gross receipts of the sale of petroleum products would be dedicated for that funding. Also beginning in the State fiscal year next commencing after approval of the amendment certain amounts from the annual revenues from the State sales tax equal to approximately one-third of that revenue on the sale of new motor vehicles would also be so dedicated. The minimum amount dedicated from the petroleum products tax would be $100,000,000 in the fiscal year in which this amendment is approved and $200,000,000 for each fiscal year thereafter. For the sales tax, the minimum amount would be $80,000,000 for the fiscal year next commencing after this amendment is approved, $140,000,000 for the succeeding fiscal year and $200,000,000 for each fiscal year thereafter.

This amendment would add the revenues from the petroleum products tax and a portion of the sales tax to the revenues already constitutionally dedicated from 9.0 cents of the State tax on motor fuels as sources of funding for the construction and repair of the State transportation system.

[Less...]