Legislative leaders have unveiled a transportation financing plan that calls for $500 million in new revenues, including increases in state gasoline and cigarette taxes.

The plan announced Tuesday rejects a $1.9 billion revenue plan proposed by Gov. Deval Patrick that included a hike in the state income tax to pay not only for modernizing the state's transportation system, but also for new education initiatives.

Under the plan outlined by House Speaker Robert DeLeo, Senate President Therese Murray and other key Democratic lawmakers, the gasoline tax would increase by 3 cents per gallon, costing a typical driver between $12 and $30 a year.

The proposal also calls for a $165 million increase in taxes on cigarettes, cigars and smokeless tobacco.

Patrick promised to review the Legislature's plan to determine if the financing is sufficient.