By Ian Bush

NEW JERSEY (CBS) — The New Year has ushered in some tax savings in New Jersey.

The state sales tax takes a dip of a quarter of a percent, settling at 6.625 percent.

It’s the second of a two-step decrease that was New Jersey’s first statewide cut since 1994.

This year will also see the end of the estate tax in the Garden State. It’s the culmination of a 15-month phase-out.

These changes are the result of the compromise two years ago between Governor Christie and Democratic lawmakers over the Transportation Trust Fund.

That legislation raised the gas tax by 23-cents a gallon; costing the average New Jersey resident another couple hundred bucks a year.