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Assembly Committee Statement to Assembly, No. 5778 (New Jersey, June 12, 2025)

Summary

Assembly Commerce, Economic Development and Agriculture Committee Statement to Assembly, No. 5778, State of New Jersey, dated June 12, 2025. The committee reports favorably Assembly Bill No. 5778, which would direct the Garden State Preservation Trust to perform a comprehensive audit of the programs and accounts it oversees, including the Green Acres, Blue Acres, farmland preservation and historic property preservation programs. The bill would authorize local governments and nonprofit organizations receiving certain farmland preservation revenues to use up to three percent of the value of the development easement or fee simple title for administrative expenses. It would also require moneys not committed to an active transaction 18 months after allocation to be returned to the fund.

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Cite this document

“Assembly Committee Statement to Assembly, No. 5778 (New Jersey, June 12, 2025).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2025-06-12-ace-a5778-s1-77b69b35e6/, SHA-256 78b9d501da36214701bf753c7398bb8e98caea4f44e90170eec1adc50cd0a3c4.

Full text

ASSEMBLY COMMERCE, ECONOMIC DEVELOPMENT AND
           AGRICULTURE COMMITTEE

                          STATEMENT TO

                     ASSEMBLY, No. 5778

       STATE OF NEW JERSEY
                            DATED: JUNE 12, 2025

          The Assembly Commerce, Economic Development and
      Agriculture Committee reports favorably Assembly Bill No. 5778.
          This bill would direct the Garden State Preservation Trust
      (GSPT) to perform, or cause to be performed, a comprehensive
      audit of the programs and accounts overseen by the GSPT,
      including the Green Acres program, Blue Acres program, farmland
      preservation program, and historic property preservation program.
      The audit would be required to provide a formal accounting of the
      programs overseen by the GSPT, identify any inefficiencies in the
      programs, and recommend a reallocation of funds where
      appropriate.
         The bill would also amend existing law to authorize local
      governments      and     nonprofit     organizations    that   receive
      constitutionally dedicated corporation business tax (CBT) revenues
      for farmland preservation purposes to use a certain portion of the
      funds for administrative expenses. Specifically, the bill would
      authorize those entities to use up to three percent of the value of the
      development easement or fee simple title, as applicable, of the
      property for administrative expenses.
         Finally, the bill would provide that any moneys that have been
      allocated to a local government from the “Preserve New Jersey
      Farmland Preservation Fund,” which are not specifically committed
      to an active transaction 18 months after the date on which they were
      allocated, would be required to be returned to the fund.

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