Assembly Commerce, Economic Development and Agriculture Committee Statement to Senate, No. 4733

Summary

The Assembly Commerce, Economic Development and Agriculture Committee of the State of New Jersey, in a statement dated January 5, 2026, reports favorably and with committee amendments Senate Bill No. 4733 (1R). As amended, the bill supplements the Fiscal Year 2026 Appropriations Act and appropriates $45 million to the Palisades Interstate Park Commission for disaster recovery projects. The commission must use the funds under the statutory requirements for the Transportation Trust Fund Account and a memorandum of understanding with the Commissioner of Environmental Protection. The commission is to repay the $45 million to the Department of the Treasury regardless of any federal reimbursement. The bill is identical to Assembly Bill No. 6039.

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Full text

ASSEMBLY COMMERCE, ECONOMIC DEVELOPMENT AND AGRICULTURE
COMMITTEE

STATEMENT TO

[First Reprint]

SENATE, No.
4733

with
committee amendments

STATE
OF NEW JERSEY

DATED: JANUARY
5, 2026

The Assembly Commerce, Economic Development and
Agriculture Committee reports favorably and with committee amendments Senate
Bill No. 4733 (1R).

As amended and reported, this bill supplements the
Fiscal Year 2026 Appropriations Act and appropriates $45 million to the
Palisades Interstate Park Commission (commission) to support the development
and construction of disaster recovery projects. The bill requires the commission
to use the appropriated funds in accordance with the current statutory
requirements for the expenditure of monies in the Transportation Trust Fund
Account and the conditions and requirements established in accordance with a
memorandum of understanding between the Commissioner of Environmental
Protection, the Executor Director of the commission, and the heads of any other
agencies that the Commissioner of Environmental Protection deems necessary.

In addition, under the bill, the commission is to
repay the $45 million to the Department of the Treasury (department),
regardless of whether the commission receives any reimbursement, grant award,
or other financial assistance from the federal government. Finally, the bill
provides that the schedule, terms, and conditions of repayment are to be
established jointly by the department and commission and set forth in the
memorandum of understanding required by the bill.

As amended and reported by the committee, Senate Bill
No. 4733 (1R) is identical to Assembly Bill No. 6039, as that bill was also
amended and reported by the committee on this date.

COMMITTEE AMENDMENTS:

The committee amended the bill to clarify that the
Palisades Interstate Park Commission (commission) is to use the $45 million appropriated
by the bill in accordance with the current statutory requirements for the
expenditure of monies in the Transportation Trust Fund Account.

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