New Jersey lawmakers to vote on 23-cent gas tax hike

If you're used to filling up the gas tank in New Jersey for cheap, head there soon to top off because lawmakers and Gov. Chris Christie are set to enact a 23-cent gas tax hike.

The Democratic-led Legislature scheduled a Friday vote for the increase as part of an agreement between legislative leaders and the Republican governor.

If passed, the agreement would raise the state's gas tax from 14.5 cents to 37.5 cents a gallon. That's still lower than neighboring New York and Pennsylvania, but higher than Alaska, which has the lowest gas tax in the country.

The deal establishes a $2 billion-a-year transportation trust fund over eight years and cuts the sales and estate taxes, while also offering veterans and low-income residents tax credits, among other measures.