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Gov. Christie approves 23-cent gas tax hike in New Jersey

The legislation marks Christie's first tax hike since he took office.
NJ Gov. Chris ChristieGetty Images

New JerseyGov. Chris Christie has signed legislation fora 23-cent-per-gallongas increase in the state.

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

The legislation marks Christie'sfirst tax hike in his 2,460 days in office, according to NJ.com. It's also thestate'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.

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The proposed hike will pay for transportation, includingroad, 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.

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