BOSTON (AP) — Legislative leaders unveiled a transportation financing plan on Tuesday that called for $500 million in new revenues, including increases in state gasoline and cigarette taxes, while rejecting a heftier tax hike proposed by Gov. Deval Patrick.

The lawmakers’ proposal seeks to eliminate a chronic operating deficit in the state’s transportation system and would forestall any immediate need for further fare hikes or service cuts on the MBTA or other public transit systems. It would still allow for some capital investments in transportation, but likely not to the extent sought by the governor.