SENATE ENVIRONMENT AND ENERGY COMMITTEE

STATEMENT TO

SENATE, No. 4426

STATE OF NEW JERSEY

DATED:  JUNE 8, 2026

      The Senate Environment and Energy Committee reports favorably Senate Bill No. 4426.

This bill would appropriate $10,000,000 to the State Agriculture Development Committee (SADC) for municipal planning incentive grants pursuant to a program established by P.L.1999, c.180 (C.4:1C-43.1) for farmland preservation purposes.

     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.

     Forty-six municipalities would be eligible for funding under this bill.  The maximum grant award a municipality could receive under the bill is $2,000,000.  The appropriation and eligible municipalities listed in the bill have been approved by the SADC and the Garden State Preservation Trust.