SENATE STATE GOVERNMENT, WAGERING, TOURISM & HISTORIC PRESERVATION COMMITTEE

STATEMENT TO

SENATE, No. 4907

STATE OF NEW JERSEY

DATED:  DECEMBER 1, 2025

      The Senate State Government, Wagering, Tourism & Historic Preservation Committee reports favorably Senate Bill No. 4907.

      The bill appropriates $15,815,984 to the New Jersey Historic Trust for grants for certain historic preservation projects contained in the bill and associated administrative expenses.

      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” implements the constitutional dedication of CBT revenues for open space, farmland, and historic preservation.  The “Preserve New Jersey Historic Preservation Fund” was established by section 9 of the “Preserve New Jersey Act.”

      The funding contained in this bill will be used by the New Jersey Historic Trust to provide capital preservation grants for 33 projects, totaling $12,126,944 (listed in subsection b. of section 1 of the bill), and historic site management grants, including heritage tourism initiatives, for 36 projects, totaling $1,612,540 (listed in subsection c. of section 1 of the bill).  In addition, of the funding, $100,000 will be used by the New Jersey Historic Trust to aid eligible applicants to address an emergency created by any human-made or natural event that threatens the immediate viability of a historic resource.  Lastly, the bill appropriates $1,976,500 to the New Jersey Historic Trust for administrative expenses incurred in the implementation of the “Preserve New Jersey Act.”