SENATE BUDGET AND APPROPRIATIONS COMMITTEE

STATEMENT TO

SENATE, No. 4551

STATE OF NEW JERSEY

DATED:  JUNE 9, 2025

      The Senate Budget and Appropriations Committee reports favorably Senate Bill No. 4551.

      As reported, this bill would appropriate $3,750,990 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, the Land Conservancy of New Jersey, for projects at eight 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.

      The funding in this bill is provided 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.”  Of the total appropriated, $3,561,350 is made available due to the reallocation of previously appropriated monies.

      Of the total appropriated, $591,700 is to be utilized to provide grants to one qualifying tax exempt nonprofit organization, the Land Conservancy of New Jersey, for projects at three farms that were previously funded in fiscal year 2024.

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

FISCAL IMPACT:

      This bill is not certified as requiring a fiscal note.