Assembly Commerce, Economic Development and Agriculture Committee Statement to Assembly, No. 3698 (2024)

Summary

An Assembly Commerce, Economic Development and Agriculture Committee statement to Assembly, No. 3698, State of New Jersey, dated February 22, 2024, reporting the bill favorably. The statement says the bill would appropriate $1.723 million to the State Agriculture Development Committee for grants to one qualifying tax exempt nonprofit organization for projects for five farms. The grants cover up to 50 percent of the cost of acquiring development easements or fee simple titles to farmland. Of the total, $896,678.23 comes from constitutionally dedicated corporation business tax revenues and $826,321.77 from the "2009 Farmland Preservation Fund," all made available by reallocating previously appropriated monies.

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ASSEMBLY COMMERCE, ECONOMIC DEVELOPMENT AND AGRICULTURE
COMMITTEE

STATEMENT TO

ASSEMBLY,
No. 3698

STATE
OF NEW JERSEY

DATED: FEBRUARY
22, 2024

The Assembly Commerce, Economic Development and
Agriculture Committee reports favorably Assembly Bill No. 3698.

This
bill would appropriate $1.723 million to the State Agriculture Development
Committee (SADC) for farmland preservation purposes. Specifically, the bill
would appropriate funds for grants to one qualifying tax exempt nonprofit
organization for projects for five farms. The grants provided by the bill are
for up to 50 percent of the cost of acquisition of development easements on
farmland for farmland preservation purposes, or up to 50 percent of the cost of
acquisition of fee simple titles to farmland for resale or lease with
agricultural deed restrictions approved by the SADC.

Of
the total appropriated, $896,678.23 is from constitutionally dedicated
corporation business tax (CBT) revenues, pursuant to Article VIII, Section II,
paragraph 6 of the State Constitution, approved by the voters of the State in
November 2014. 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.

In
addition, of the total appropriated, $826,321.77 is from the “2009 Farmland
Preservation Fund,” 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. All the funds in the bill are made
available due to the reallocation of previously appropriated monies.

The
allocations and projects listed in this bill have been approved by the SADC and
the Garden State Preservation Trust.

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