New Jersey Assembly Bill A5808

New Jersey 2022-2023 Regular Session

• Introduced: 11/30/23
• Refer: 11/30/23
• Report Pass: 12/4/23
• Engrossed: 12/7/23
• Refer: 12/11/23
• Report Pass: 12/18/23
• Enrolled: 1/8/24
• Chaptered: 1/16/24
• Passed: 1/16/24

Caption

Appropriates $15,564,293 from constitutionally dedicated CBT revenues to NJ Historic Trust for grants for certain historic preservation projects and associated administrative expenses.

Impact

The allocated funds will support 37 capital preservation projects, amounting to $12,181,724, and assist 35 historic site management projects totaling $1,592,569. Notably, the bill includes a provision for emergency intervention, which enables immediate assessments or capital improvements necessary for the structural integrity of historic properties. The New Jersey Historic Trust will oversee these distributions, ensuring that the funds are appropriately allocated to qualified projects that can demonstrate their historical significance.

Summary

Assembly Bill A5808, introduced on November 30, 2023, focuses on appropriating a total of $15,564,293 from constitutionally dedicated corporation business tax (CBT) revenues to the New Jersey Historic Trust. The main purpose of the bill is to fund various historic preservation projects through grants. This funding is aligned with the provisions established under the "Preserve New Jersey Act," which aims to utilize CBT revenues for initiatives related to open space, farmland, and historic preservation. The bill specifies allocations for capital preservation, historic site management, special project initiatives, and emergency interventions.

Contention

One significant aspect of A5808 is the requirement that any changes to project sponsors, sites, or the type of funded projects must receive approval from the Joint Budget Oversight Committee. This stipulation may raise questions regarding bureaucratic oversight and the efficiency of fund allocation. Additionally, the provision that allows for the reallocation of any remaining funds for additional historic preservation projects, provided they were previously approved for funding, highlights a flexibility that some stakeholders may welcome, while others might see it as a potential area for misuse without proper oversight.