New Jersey Assembly Bill A1933

New Jersey 2024-2025 Regular Session

• Introduced: 1/9/24
• Refer: 1/9/24
• Chaptered: 1/9/24
• Passed: 1/9/24

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 appropriation of these funds will significantly impact state laws regarding funding for historic preservation. The bill emphasizes the constitutional gateway through which CBT revenues are deployed—specifically, Article VIII, Section II, paragraph 6 of the State Constitution, which was affirmed by voters in 2014. The grants from these funds will allow for the restoration, repair, and rehabilitation of numerous historic sites that are either already on or eligible for inclusion on the New Jersey and National Registers of Historic Places. A portion of the funds will also address emergency interventions, allowing immediate actions to stabilize historic properties when necessary.

Summary

Assembly Bill A1933 proposes the appropriation of $15,564,293 from constitutionally dedicated corporation business tax (CBT) revenues to the New Jersey Historic Trust. The primary purpose of this funding is to award grants for various historic preservation projects and cover associated administrative expenses. This act intends to enhance the preservation of historic sites across New Jersey, ensuring that they are maintained and celebrated for future generations. The funds allocated will cover capital preservation projects as well as historic site management initiatives, benefiting local governments and nonprofit organizations engaged in preserving historic structures.

Contention

Although the bill appears to be a stride forward in preserving New Jersey's rich historical heritage, it may open discussions on the effectiveness and prioritization of state funding allocation. Various stakeholders might debate which projects receive funding, and there could be concerns about the oversight process established by the Joint Budget Oversight Committee required for any transfer of funds or changes to project specifications. The allocation prioritization and transparency in the decision-making processes might create contention among interested parties, particularly those representing smaller localities that may feel overlooked compared to larger municipalities.