SENATE ENVIRONMENT AND ENERGY COMMITTEE

STATEMENT TO

SENATE, No. 3466

with committee amendments

STATE OF NEW JERSEY

DATED:  DECEMBER 12, 2024

      The Senate Environment and Energy Committee reports favorably and with committee amendments Senate Bill No. 3466.

      This bill, as amended, would extend the expiration date of the special appraisal process provided by law for State-funded land acquisitions under the Green Acres program and the farmland preservation program from June 30, 2024 to June 30, 2029 for lands located in the Highlands Region.  The term “special appraisal process” refers to the process in which the State or other eligible participants are currently required by law to conduct two appraisals of lands that are proposed for acquisition, one of which is based on the property value on the proposed acquisition date, the other based on the value of the property as of January 1, 2004.  The higher of the two values is used as the basis of negotiation with the landowner when determining the property’s final acquisition price.

      The bill would also require that State aid be distributed each State fiscal year from the "Highlands Protection Fund" to each municipality within the Highlands Region that that does not receive watershed moratorium offset aid pursuant to section 1 of P.L.1999, c.225 (C.58:29-8) but hosts watershed lands, for those watershed lands, as determined by the Highlands Water Protection and Planning Council, in amounts equal to the per acre rate provided for watershed moratorium offset aid.  The State Treasurer would be required to include in its annual budget request to the Governor the moneys necessary to distribute funds to those municipalities eligible for watershed property municipal aid.

COMMITTEE AMENDMENTS:

      The committee amendments to the bill would:

      (1) delete sections 3 through 5 of the bill, which would have provided for a $7.5 million annual allocation of constitutionally dedicated Corporation Business Tax (CBT) revenue to the Highlands Water Protection and Planning Council for the preservation of land in the Highlands Region; and

      (2) make technical changes to the bill.