New Jersey Senate Bill S3342

New Jersey 2022-2023 Regular Session

• Introduced: 12/1/22
• Refer: 12/1/22
• Report Pass: 12/15/22

Caption

Appropriates $17,288,315 from constitutionally dedicated CBT revenues to NJ Historic Trust for grants for certain historic preservation projects and associated administrative expenses.

Impact

The appropriation detailed in S3342 is expected to financially support 41 capital preservation projects and 28 historic site management projects, as well as administrative costs associated with managing these funds. The capital preservation grants will facilitate restoration and rehabilitation efforts, allowing historic sites to be utilized effectively by nonprofit organizations and local governments. The bill allows for an emergency intervention mechanism for historic properties, ensuring vital structural integrity measures can be taken rapidly to protect these assets. While many stakeholders are supportive of this bill, there may be discussions around how this funding may impact the allocation of resources among competing historic preservation priorities.

Summary

Senate Bill S3342 aims to appropriate $17,288,315 from constitutionally dedicated corporation business tax (CBT) revenues for historic preservation projects. The funding is to be allocated to the New Jersey Historic Trust, which will provide grants for various capital preservation projects, historic site management, and special initiatives that enhance the conservation of cultural heritage in the state. The financial injection is part of the 'Preserve New Jersey Act', which emphasizes the commitment to historic preservation, open space, and farmland conservation. Enacted in accordance with Article VIII, Section II of the New Jersey Constitution, this bill serves a broad array of projects aimed at maintaining or restoring historic sites across New Jersey.

Contention

Key points of contention surrounding S3342 may arise from discussions regarding the amount of funding appropriated and the discretion exercised by the New Jersey Historic Trust in deciding which projects are prioritized. Additionally, given that these funds are drawn from constitutionally dedicated revenues, there may be debates regarding the ongoing sustainability of such funding for the future. The bill stipulates that any transfers or changes in project sponsors must be approved by the Joint Budget Oversight Committee, raising discussions on the accountability and oversight of such appropriations. Stakeholders might express diverse opinions on the adequacy of funding versus the needs of the preservation community, particularly in light of ongoing maintenance obligations.