The Environmental Protection Agency (EPA) is announcing approval of New Jersey's State Implementation Plan (SIP) revision for ozone. This SIP revision relates to New Jersey's portion of the Ozone Transport Commission's September 27, 1994 Memorandum of Understanding, which includes a regional nitrogen oxides budget and allowance (NO<INF>X</INF> Budget) trading program that will significantly reduce NO<INF>X</INF> emissions generated within the Ozone Transport Region, which includes the State of New Jersey. EPA is approving New Jersey's regulations, which implement Phase II and Phase III of the NO<INF>X</INF> Budget Trading Program, since they reduce NO<INF>X</INF> emissions and help achieve the national ambient air quality standard for ozone.