Understanding the Open Space dedication of the Corporation Business Tax

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1 2) Phase One: Starting July 1, 2015, 4% of the CBT shall be dedicated to environmental purposes. This shall continue for four years: Fiscal Years 2016, 2017, 2018, & 2019 Of this 4 % dedication: 15% goes to hazardous waste discharge remediation 9% goes to removal of underground storage tanks 5% goes to water pollution monitoring & prevention 71% goes to Garden State Preservation Trust Programs: o Green Acres park and wildlife refuge acquisition o Green Acres recreational development projects o Farmland Preservation o DEP capital projects at State Parks and wildlife refuges. o New Jersey Historic Trust resource preservation grants o Blue Acres repetitive-loss flood property acquisition

2 PAGE TWO 2) Phase One: Starting July 1, 2015, 4% of the CBT shall be dedicated to environmental purposes. This shall continue for four years: Fiscal Years 2016, 2017, 2018, & 2019 CORPORATION BUSINESS TAX EXAMPLE: $2.5 BILLION 4% ENVIRONMENTAL EXAMPLE: $100 MILLION 71% GSPT EXAMPLE: $71 MILLION

3 PAGE THREE 2) Phase One: Starting July 1, 2015, 4% of the CBT shall be dedicated to environmental purposes. This shall continue for four years: Fiscal Years 2016, 2017, 2018, & ) Phase Two: Starting July 1, 2019, the dedication shall increase to 6% of the CBT dedicated to environmental purposes. This shall begin FY2020 & continue in perpetuity.

4 PAGE FOUR 3) Phase Two: Starting July 1, 2019, the dedication shall increase to 6% of the CBT dedicated to environmental purposes. This shall begin FY2020 & continue in perpetuity. Of this increased 6% dedication: 12% goes to hazardous waste discharge remediation 5% goes to removal of underground storage tanks 5% goes to water pollution monitoring & prevention 78% goes to Garden State Preservation Trust Programs

5 PAGE FIVE 3) Phase Two: Starting July 1, 2019, the dedication shall increase to 6% of the CBT dedicated to environmental purposes. This shall begin FY2020 & continue in perpetuity. CORPORATION BUSINESS TAX EXAMPLE: $2.5 BILLION 6% ENVIRONMENTAL EXAMPLE: $150 MILLION 78% GSPT EXAMPLE: $117 MILLION

6 PAGE SIX 4) The Governor on June 30, 2016, signed the Preserve New Jersey Act to implement the provisions of Public Question #2/Article VIII-Section II of the NJ Constitution stipulating how this 71% dedication is to be distributed. (When the dedication increases to 78% in FY2020, it is expected that new legislation will be passed to maintain or adjust the percentages.) Of the sum dedicated to Garden State Preservation Trust Programs: 60% goes to Green Aces programs o 55% to Green Acres State Park & refuge acquisition or recreational development o 38% to Green Acres local acquisition or recreational development grants o 7% to Green Acres nonprofit acquisition or recreational development grants 31% goes to Farmland Preservation 5% goes to New Jersey Historic Trust resource preservation grants 4% goes to Blue Acres repetitive-loss flood property acquisition

7 Understanding the Open Space dedication PAGE SEVEN 4) The Governor on June 30, 2016, signed the Preserve New Jersey Act to implement the provisions of Public Question #2/Article VIII-Section II of the NJ Constitution stipulating how this 71% dedication is to be distributed. (When the dedication increases to 78% in FY2020, it is expected that new legislation will be passed to maintain or adjust the percentages.) CBT ANNUAL EXAMPLE: $71 MILLION 60% GREEN ACRES EXAMPLE: $22 MILLION EXAMPLE: $42.6 MILLION 55% STATE PARKS & WILDLIFE REFUGES EXAMPLE: $23.4 MILLION 31% FARMLAND PRESERVATION 5% NJ HISTORIC TRUST EXAMPLE: $3.6 MILLION 4% BLUE ACRES EXAMPLE: $2.8 MILLION 7% NONPROFIT GRANTS 38% LOCAL GRANTS EXAMPLE: $16.2 MILLION EXAMPLE: $3 MILLION