TRENTON, N.J. (AP) — A proposal that would redirect about $150 million in taxes to fund open space was advanced by a New Jersey legislative panel on Monday.
The measure would dedicate 6 percent of corporation business taxes to open space allocations for the next 30 years. Voter approval would be required because the proposal changes the state constitution.
Four percent of CBT taxes are currently diverted to environmental programs. This measure would raise the rate and reallocate how the money is distributed.
The open space preservation fund is out of money. Voters have consistently approved short-term borrowing while advocates have sought a long-term funding source.
A proposal to dedicate a portion of the sales tax failed in the Legislature last year.
A similar resolution is pending in the Assembly.