Bill
Bill > A4569
NJ A4569
NJ A4569Appropriates $128.241 million from constitutionally dedicated CBT revenues to State Agriculture Development Committee for farmland preservation purposes.
summary
Introduced
06/13/2024
06/13/2024
In Committee
06/24/2024
06/24/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
Appropriates $128.241 million from constitutionally dedicated CBT revenues to State Agriculture Development Committee for farmland preservation purposes.
AI Summary
This bill appropriates $128.241 million from constitutionally dedicated Corporation Business Tax (CBT) revenues to the State Agriculture Development Committee for farmland preservation purposes. The funds can be used to acquire development easements or fee simple titles to farmland, provide grants to counties and municipalities for up to 80% of the cost of fee simple title acquisition, and provide grants to qualifying tax-exempt non-profit organizations for up to 50% of the cost of fee simple title acquisition. The bill also appropriates additional funds from various existing farmland preservation funds and allows the committee to increase offer amounts above the "Statewide Farmland Preservation Formula" if the initial appropriation is not expended within one year.
Committee Categories
Business and Industry
Sponsors (4)
Last Action
Substituted by S2788 (1R) (on 10/28/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/A4569 |
| BillText | https://pub.njleg.gov/Bills/2024/A5000/4569_R1.HTM |
| Analysis - Statement Assembly 6/28/24 | https://pub.njleg.gov/Bills/2024/A5000/4569_S2.PDF |
| Analysis - Statement AAP 6/24/24 | https://pub.njleg.gov/Bills/2024/A5000/4569_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2024/A5000/4569_I1.HTM |
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