New Jersey Assembly Bill A5120

New Jersey 2024-2025 Regular Session

• Introduced: 12/9/24
• Refer: 12/9/24
• Refer: 12/12/24
• Report Pass: 12/16/24

Caption

Appropriates $18,518,738 from constitutionally dedicated CBT revenues to NJ Historic Trust for grants for certain historic preservation projects and associated administrative expenses.

Impact

The proposed funding will support capital preservation grants for 43 specific projects that total $15,031,000, alongside 34 historic site management grants worth an aggregate of $1,467,738. Notably, this includes grants for significant landmarks such as the Absecon Lighthouse and the USS New Jersey. Such grants are essential for not only maintaining the structural integrity of these sites but also for ensuring they remain accessible and beneficial to the public, thus promoting cultural heritage.

Summary

A5120 is a bill introduced in the New Jersey legislature that seeks to appropriate $18,518,738 from constitutionally dedicated corporation business tax (CBT) revenues. The funds will be allocated to the New Jersey Historic Trust for grants aimed at supporting various historic preservation projects across the state. The bill is significant in its aim to enhance the preservation of New Jersey's rich historical sites, thereby fostering public interest and tourism which are vital for economic development in these areas.

Contention

A point of potential contention surrounding A5120 relates to the oversight of fund allocation by the New Jersey Historic Trust. The bill stipulates that any transfer or modification of project sponsorship will require approval from the Joint Budget Oversight Committee, which some stakeholders may feel complicates the process. Concerns may arise regarding the efficiency of funding disbursement and whether this might delay urgent preservation projects.