New Jersey Assembly Bill A2253

New Jersey 2024-2025 Regular Session

• Introduced: 1/9/24
• Refer: 1/9/24

Caption

Increases amount annually credited to Shore Protection Fund to $50 million.

Impact

If enacted, A2253 would directly impact the funding available for projects aimed at protecting and rehabilitating New Jersey's coastlines. By doubling the annual contribution to the Shore Protection Fund, the bill is poised to provide additional resources for infrastructure improvements, environmental restoration, and ongoing maintenance efforts. This could lead to a stronger and more resilient coastal environment, benefitting local ecosystems and communities alike.

Summary

Assembly Bill A2253 proposes an increase in the amount credited annually to the Shore Protection Fund from $25 million to $50 million. This funding is sourced from the state portion of the realty transfer fee, which is applied to property transactions. The bill is designed to enhance support for shore protection initiatives in New Jersey, acknowledging the critical importance of coastal and waterway conservation efforts in light of ongoing environmental challenges.

Contention

Despite its aim to bolster environmental protection efforts, the bill could experience contention regarding the allocation of realty transfer fee revenues. Stakeholders may have differing opinions on the effectiveness of such funding strategies, especially concerning the balance of local and state involvement in shore protection initiatives. Additionally, there may be concerns from real estate professionals regarding the potential impact on property transactions and related economic activities due to increased fees.