Lawmakers unveil plan to raise fuel taxes for road funding

New Jersey lawmakers have unveiled a detailed, bipartisan plan to pay for road and bridge funding, and the plan calls for a 23-cent-per gallon fuel tax increase.



However, the plan also includes cuts to taxes on retirement income.



Democratic state Sen. Paul Sarlo and Republican state Sen. Steve Oroho unveiled the 10-year, $20 billion proposal on Friday. 



Democratic Assembly Speaker Vincent Prieto unveiled a competing plan with some similar proposals, but fewer details.



The state's transportation trust fund will run out of authority for new borrowing on July 1 and current revenue isn't enough to pay for the $1.6 billion plan.



The senators call for raising a wholesale fuel tax, which would amount to an increase of 23 cents per gallon if fully passed to customers.



The plan calls for phasing out the estate tax and cutting retirement income taxes.



The Associated Press wire services contributed to this report.


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