U.S. Markets closed

NJ panel clears bill aiming to rescind rail fares

TRENTON, N.J. (AP) -- A measure calling on New Jersey Transit to rescind fare increases on some rail lines has cleared a state Assembly panel.

The bill approved Monday by the Transportation Committee would rescind fare increases on the Main, Bergen and Pascack Valley commuter rail lines starting March 1.

Fares would be rescinded by up to 75 cents on daily passes and up to $23 on monthly passes.

Proponents say the cancellation of a massive rail project has denied residents with more commuting options.

The project would have created a new Hudson River tunnel between Secaucus and New Jersey. But Gov. Chris Christie halted the project in October 2010, citing cost overruns.

If passed by the full Assembly, the bill would need approval from Christie, the transportation commissioner and NJT's executive director.