New Jersey Gov. Chris Christie has signed legislation for a 23-cent-per-gallon gas increase in the state.

His approval comes a week after the Democrat-led Senate and Assembly approved the hike. 

The legislation marks Christie's first tax hike in his 2,460 days in office, according to It's also the state's first increase in the tax on gasoline since 1988.

Currently New Jersey has a 14.5-cent gas tax, the second-lowest in the country. The increase would give it the seventh highest gas tax nationwide at 37.5 cents. But the tax would still be lower than neighboring states. 

The proposed hike will pay for transportation, including road, bridge and rail infrastructure.

It will also cut a number of other taxes, including the estate tax, which will be phased out by Jan. 1, 2018, and the state's 7 percent sales tax, which will drop three-eighths of a percentage point.