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
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
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, & 2019 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.
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
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
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
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