Assembly Commerce, Economic Development and Agriculture Committee Statement to Assembly, No. 5778 (2025)

Summary

An Assembly Commerce, Economic Development and Agriculture Committee statement to Assembly, No. 5778, State of New Jersey, dated June 12, 2025, reporting the bill favorably. The bill would direct the Garden State Preservation Trust (GSPT) to perform, or cause to be performed, a comprehensive audit of the programs and accounts it oversees, including Green Acres, Blue Acres, farmland preservation and historic property preservation. Local governments and nonprofit organizations receiving dedicated corporation business tax revenues for farmland preservation could use up to three percent of the value of the development easement or fee simple title for administrative expenses. Moneys from the "Preserve New Jersey Farmland Preservation Fund" not committed to an active transaction 18 months after allocation would be returned to the fund.

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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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