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

This bill imposes new annual registration fees for electric vehicles in New Jersey starting July 2025: $300 for passenger EVs and $450 for commercial EVs (defined as vehicles used for hire, compensation, or property transport). It simultaneously reduces highway fuel taxes - lowering gasoline tax from 10.5¢ to 7¢ per gallon and diesel tax from 13.5¢ to 9¢ per gallon. All fees and reduced fuel tax revenues will fund the Transportation Trust Fund. The bill also directs the Department of Transportation to conduct a feasibility study on alternative transportation revenue sources.