According to State Treasurer Elizabeth Maher Muoio, that sum will come from the $1.1 billion surplus the state will have following the end of the 2019 budget, which closes on June 30.

Gov. Phil Murphy included $80 million in last year’s 2019 fiscal year budget from the taxation of recreational marijuana, only to take the revenue out just days before the end of negotiations.

Administration officials cautioned against any sort of celebration, though, arguing that most of the increase will come from one-time revenue sources that will dry up in July.

The current rate clocks in at 41.4 cents per gallon of gasoline. It finances the $2 billion a year Transportation Trust Fund, which in turn funds state and local infrastructure projects.

The New Jersey Senate approved the committee, armed with subpoena power, to scrutinize the Economic Development Authority’s multi-billion dollar Grow New Jersey tax break program, setting up a potential showdown with a similarly-natured task force the Murphy administration put together in January.

Assembly Bill 5000 would have required the Department of Community Affairs to create an online database and interactive map of residential properties under foreclosure, at a price tag of $4 million a year.

Senate Bill 3158, which the Senate Community and Urban Affairs Committee approved in a 5-0 vote on May 13, is worded in a way that the levy on short-term stays would apply only to AirBnB.

Treasury officials are still crunching the numbers on the exact amount destined for what is known formally as the state’s Surplus Revenue Fund.

The Senate president said he plans to convene a committee armed with subpoena power to scrutinize the Economic Development Authority's multi-billion dollar tax break program, setting up a showdown with a task force the Murphy administration put together in January.

New Jersey saw over 100 million visitors for the first time starting in 2017. According to a January 2018 study “Economic Impact of Tourism in New Jersey 2017,” guests to the Garden State spent $42.9 billion and generated $4.8 billion in state and local taxes.

“I do not share the governor’s view that middle-class property tax relief must be tied to another income tax hike,” Assembly Speaker Craig Coughlin said in response to the deal proposed by Gov. Phil Murphy at a town-hall style meeting on May 6. “We should return that money to middle-class property taxpayers with no strings attached.”

The Senate president is skipping a meeting with Gov. Phil Murphy to legalize adult-use cannabis over his frustration with the governor's scrutiny of a multi-billion dollar tax break program championed by Sweeney, according to several sources who requested anonymity.