New Jersey 2024-2025 Regular Session

New Jersey Assembly Bill A5403

Caption

Authorizes State Agriculture Development Committee to develop and maintain region-specific list or dedicated pool, or both, of tax and estate planners to facilitate development of installment purchase agreements for farmland preservation purposes.

Impact

If enacted, A5403 will significantly impact the management and sale of development easements on farmland by allowing landowners to access professional guidance in navigating the financial aspects of preservation. This legislation aligns state objectives with local agricultural interests, encouraging landowners to consider installment purchases as a viable option for selling development rights. Additionally, the bill seeks to ensure that farmland is preserved effectively through structured agreements that take into account federal and state tax implications.

Summary

Assembly Bill A5403 aims to amend the State's farmland preservation laws by authorizing the State Agriculture Development Committee to establish a list or pool of tax and estate planners. This measure is intended to facilitate installment purchase agreements for farmland preservation purposes. The bill mandates that only tax and estate planners who are appropriately licensed and certified in the region can be included in this list, thereby ensuring local expertise in agricultural matters.

Contention

A potential point of contention surrounding A5403 could stem from concerns over the effectiveness and accessibility of tax and estate planners. Critics may argue that the requirement for planners to be licensed in the region could limit options for landowners or deter some from applying due to perceived costs or complexities. Furthermore, there might be discussions regarding how the bill impacts municipal revenues, especially if state acquisition of farmland leads to tax revenue reductions.

Companion Bills

No companion bills found.

Previously Filed As

NJ A5234

Authorizes State Agriculture Development Committee to maintain and use its own list of property appraisers, or to employ dedicated pool of property appraisers, or both, to facilitate valuation of land for farmland preservation purposes.

NJ A5861

Appropriates $52,798,268 from constitutionally dedicated CBT revenues and other farmland preservation funds to State Agriculture Development Committee for farmland preservation purposes.

NJ S4531

Appropriates $52,798,268 from constitutionally dedicated CBT revenues and other farmland preservation funds to State Agriculture Development Committee for farmland preservation purposes.

NJ A4569

Appropriates $128.241 million from constitutionally dedicated CBT revenues to State Agriculture Development Committee for farmland preservation purposes.

NJ S2788

Appropriates $128.241 million from constitutionally dedicated CBT revenues to State Agriculture Development Committee for farmland preservation purposes.

NJ A4502

Authorizes State, local, and nonprofit acquisition of fee simple titles to, and development easements on, farmland, in certain cases, for negotiated purchase prices exceeding appraised value thereof.

NJ A5723

Establishes State Agriculture Development Committee program preserving farmland in danger of being developed for warehouse purposes or other high-density development projects; appropriates $50 million from Global Warming Solutions Fund.

NJ A1299

Establishes State Agriculture Development Committee program preserving farmland in danger of being developed for warehouse purposes or other high-density development projects; appropriates $50 million from Global Warming Solutions Fund.

NJ S4177

Appropriates $128.241 million from constitutionally dedicated CBT revenues to State Agriculture Development Committee for farmland preservation purposes.

NJ A5150

Transfers Division of Food and Nutrition from Department of Agriculture to DHS; appropriates $128.241 million from constitutionally dedicated revenues to State Agriculture Development Committee for farmland preservation purposes.

Similar Bills

NJ A5234

Authorizes State Agriculture Development Committee to maintain and use its own list of property appraisers, or to employ dedicated pool of property appraisers, or both, to facilitate valuation of land for farmland preservation purposes.

NJ A4502

Authorizes State, local, and nonprofit acquisition of fee simple titles to, and development easements on, farmland, in certain cases, for negotiated purchase prices exceeding appraised value thereof.

NJ A5010

Requires SADC and any local board acquiring farmland for preservation purposes to provide partial payment to landowner, in advance of settlement, to demonstrate good faith intent to proceed with settlement and acquisition.

CA AB2964

Agricultural land conservation: California Farmland Conservancy Program Act.

NJ A1221

Revises method for appraisals of farmland to be acquired for farmland preservation purposes.

NJ A682

Establishes program in SADC for acquisition of development easements on privately-owned woodlands.

NJ S699

Establishes program in SADC for acquisition of development easements on privately-owned woodlands.

NJ S3279

Revises method for appraisals of farmland to be acquired for farmland preservation purposes.