Assembly Commerce, Economic Development and Agriculture Committee Statement, No. 3697 (February 22, 2024)

Summary

Statement of the Assembly Commerce, Economic Development and Agriculture Committee to the Assembly, State of New Jersey, dated February 22, 2024, reporting Assembly Bill No. 3697 favorably. The bill would appropriate $500,000 to the State Agriculture Development Committee (SADC) for a municipal planning incentive grant for farmland preservation purposes. Of that amount, $200,000 is to be provided from constitutionally dedicated corporation business tax (CBT) revenues and $300,000 from the 2009 Farmland Preservation Fund. Washington Township, in Warren County, would receive a base grant of $500,000 and could compete for an additional grant with a maximum award of $1 million.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

Full text

ASSEMBLY COMMERCE, ECONOMIC DEVELOPMENT AND
           AGRICULTURE COMMITTEE

                         STATEMENT TO

                    ASSEMBLY, No. 3697

       STATE OF NEW JERSEY
                        DATED: FEBRUARY 22, 2024

          The Assembly Commerce, Economic Development and
      Agriculture Committee reports favorably Assembly Bill No. 3697.
          This bill would appropriate $500,000 to the State Agriculture
      Development Committee (SADC) for a municipal planning
      incentive grant, pursuant to a program established by P.L.1999,
      c.180 (C.4:1C-43.1), for farmland preservation purposes.
         Of the $500,000 provided in section 1 of the bill, $200,000 is to
      be provided from constitutionally dedicated corporation business
      tax (CBT) revenues received pursuant to Article VIII, Section II,
      paragraph 6 of the State Constitution, approved by the voters of
      New Jersey in November 2014, and $300,000 is to be provided
      from the “2009 Farmland Preservation Fund,” made available due
      to the reallocation of monies previously appropriated to the SADC.
      The “Preserve New Jersey Act,” P.L.2016, c.12 (C.13:8C-43 et
      seq.), implements the constitutional dedication of CBT revenues for
      open space, farmland, and historic preservation. The “Preserve
      New Jersey Farmland Preservation Fund” was established pursuant
      to section 8 of the “Preserve New Jersey Act.” The “2009
      Farmland Preservation Fund” was established pursuant to section 18
      of the “Green Acres, Water Supply and Floodplain Protection, and
      Farmland and Historic Preservation Bond Act of 2009,” P.L.2009,
      c.117.
         Under the bill, Washington Township, in Warren County, will
      receive a “base grant” of $500,000, as specified in the bill. In
      addition, this municipality would also be eligible to compete for an
      additional grant from the SADC’s competitive grant fund, to be
      financed with monies previously appropriated to the SADC
      pursuant to P.L.2019, c.450 and P.L.2020, c.139. The maximum
      amount of such competitive grant funding award would be $1
      million, including up to $500,000 in funds appropriated under
      P.L.2019, c.450 and up to $500,000 in funds appropriated under
      P.L.2020, c.139.
          The allocations and projects listed in the bill have been
      approved by the SADC and the Garden State Preservation Trust.


File and source

File

2024-02-22_ACE_A3697_S1.pdf

Size

117,661 bytes

SHA-256

51ba8bf57acfb5515b066c51706452c9c5edc36af0b5bad6af4dc24dd393d43a

Our copy

2024-02-22_ACE_A3697_S1.pdf

Original

No public link identified.