- Associated Press - Monday, June 20, 2016

TRENTON, N.J. (AP) - Legislation that raises a wholesale fuel tax by 23 cents while cutting the estate tax, retirement income taxes and increasing a credit for lower-income families has formally been introduced.

Democratic state Sen. Paul Sarlo and Republican state Sen. Steve Oroho said Monday the plan would increase New Jersey’s transportation trust fund from $1.6 billion a year to $2 billion a year over 10 years.

The lawmakers announced the plan earlier but Monday’s action begins the legislation on a possible path to Republican Gov. Chris Christie’s desk. Christie earlier said he wouldn’t sign the plan as currently outlined but that he was open to negotiating.

Christie has called for “tax fairness” to replenish the fund, which runs out of borrowing authority on July 1, but hasn’t put forward his own plan.

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