Bill Text: NJ A4477 | 2018-2019 | Regular Session | Introduced


Bill Title: Establishes funding allocations for constitutionally dedicated CBT revenues for Fiscal Year 2020and thereafter and revises law for State's open space, farmland, and historic preservation programs; appropriates $500,000.*

Spectrum: Slight Partisan Bill (Democrat 4-2)

Status: (Introduced - Dead) 2019-06-20 - Substituted by S2920 (2R) [A4477 Detail]

Download: New_Jersey-2018-A4477-Introduced.html

ASSEMBLY, No. 4477

STATE OF NEW JERSEY

218th LEGISLATURE

 

INTRODUCED SEPTEMBER 24, 2018

 


 

Sponsored by:

Assemblyman  JOHN F. MCKEON

District 27 (Essex and Morris)

 

 

 

 

SYNOPSIS

     Establishes funding allocations for constitutionally dedicated CBT revenues for State's open space, farmland, and historic preservation programs for Fiscal Year 2020 and thereafter.

 

CURRENT VERSION OF TEXT

     As introduced.

 


An Act concerning the constitutional dedication of corporation business tax revenues for open space, farmland, and historic preservation, and amending and supplementing P.L.2016, c.12.

 

     Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

      1.   (New section)     a.   In each State fiscal year commencing in State fiscal year 2020 and annually thereafter, of the amount credited by the State Treasurer to the Preserve New Jersey Fund Account pursuant to subparagraph (b) of paragraph (1) of subsection a. of section 4 of P.L.2016, c.12 (C.13:8C-46):

     (1)   62 percent shall be deposited into the Preserve New Jersey Green Acres Fund;

     (2)   31 percent shall be deposited into the Preserve New Jersey Farmland Preservation Fund; and

     (3)   seven percent shall be deposited into the Preserve New Jersey Historic Preservation Fund.

      b.   (1)     Beginning July 1, 2022, and annually thereafter, the Garden State Preservation Trust shall conduct a review of the appropriations of constitutionally dedicated CBT moneys to, and the expenditures thereof by, the Department of Environmental Protection, the State Agriculture Development Committee, and the New Jersey Historic Trust for their respective programs for the fiscal year ending two years prior to the year in which the review is occurring.  If the Garden State Preservation Trust determines that the department, committee, or New Jersey Historic Trust have not expended or contractually obligated the constitutionally dedicated CBT moneys allocated pursuant to subsection a. of this section for the fiscal year ending two years prior to the year in which the review is occurring, the trust may reallocate the amount of constitutionally dedicated CBT moneys that have not been expended or contractually obligated for that particular fiscal year by the department, committee, or New Jersey Historic Trust, as applicable. 

     (2)   If, after the review required pursuant to paragraph (1) of this subsection, the Garden State Preservation Trust determines it is appropriate, the trust, notwithstanding the provisions of section 6, 8, or 9 of P.L.2016, c.12 (C.13:8C-48, 50, or 51) to the contrary, shall allocate for appropriation pursuant to section 13 of P.L.2016, c.12 (C.13:8C-55) the amount of unexpended, unobligated, or unappropriated constitutionally dedicated CBT moneys for the fiscal year ending two years prior to the year in which the review is occurring, and shall determine, for that amount:

     (a)   the appropriate funding allocations for the Preserve New Jersey Green Acres Fund, the Preserve New Jersey Farmland Preservation Fund, or the Preserve New Jersey Historic Preservation Fund; and

     (b)   how the allocations pursuant to subparagraph (a) of this paragraph shall be allocated for the acquisition or development of lands for recreation and conservation purposes, including Blue Acres projects, farmland preservation purposes, or historic preservation purposes.  The trust shall make its determinations pursuant to this subparagraph based upon a demonstrated need for funding for the acquisition or development of lands for recreation and conservation purposes, including Blue Acres projects, farmland preservation purposes, or historic preservation purposes based upon available projects, applicant demand, and past appropriations and expenditures for these purposes. 

     (3)   The trust shall hold a public hearing to solicit public input when making determinations pursuant to paragraph (2) of this subsection. 

     (4)   The trust shall notify the department, the committee, the New Jersey Historic Trust, and the Department of the Treasury on the results of its review and determinations pursuant to this subsection.  The trust shall also send written notification to the Chairperson of the Senate Environment and Energy Committee and the Assembly Environment and Solid Waste Committee, or their successors, of any determinations and allocations made pursuant to this subsection.

     (5)   A determination by the trust to reallocate constitutionally dedicated CBT moneys for a particular fiscal year based on the review and determination made pursuant to this subsection shall not affect the allocations set forth in subsection a. of this section for any subsequent fiscal year.

 

     2.    Section 6 of P.L.2016, c.12 (C.13:8C-48) is amended to read as follows:

     6.    a.   The State Treasurer shall establish a fund to be known as the "Preserve New Jersey Green Acres Fund" and shall deposit into the fund all moneys received pursuant to paragraph (1) of subsection a. of section 5 of P.L.2016, c.12 (C.13:8C-47) , paragraph (1) of subsection a. of section 1 of P.L.    , c.    (C.     ) (pending before the Legislature as this bill), and any other moneys appropriated by law for deposit into the fund.

     Moneys in the fund shall be invested in permitted investments or shall be held in interest-bearing accounts in those depositories as the State Treasurer may select, and may be invested and reinvested in permitted investments or as other trust funds in the custody of the State Treasurer in the manner provided by law.  All interest or other income or earnings derived from the investment or reinvestment of moneys in the fund shall be credited to the fund.  Moneys derived from the payment of principal and interest on the loans to local government units authorized by [this act] P.L.2016, c.12 (C.13:8C-43 et seq.) shall also be held in the fund.

     b.    Of the amount deposited [each State fiscal year] in State fiscal year 2017 through and including State fiscal year 2019 into the Preserve New Jersey Green Acres Fund pursuant to paragraph (1) of subsection a. of section 5 of P.L.2016, c.12 (C.13:8C-47):

     (1)   55 percent shall be allocated for the purpose of paying the cost of acquisition and development of lands by the State for recreation and conservation purposes, and the amount provided pursuant to this paragraph shall be allocated as follows:

     (a)   50 percent shall be allocated for the purpose of paying the cost of acquisition of lands by the State for recreation and conservation purposes; and

     (b)   50 percent shall be allocated for the purpose of paying the cost of development of lands by the State for recreation and conservation purposes, and of the amount provided pursuant to this subparagraph:

     (i)    up to 22 percent shall be allocated for the purpose of paying the cost for stewardship activities undertaken on lands administered by the Division of Fish and Wildlife in the department; and

     (ii)   up to 22 percent shall be allocated for the purpose of paying the cost for stewardship activities undertaken on lands administered by the Division of Parks and Forestry in the department;

     (2)   38 percent shall be allocated for the purposes of providing grants and loans to assist local government units to pay the cost of acquisition and development of lands for recreation and conservation purposes, and of this amount, up to [2] two percent shall be allocated for stewardship activities undertaken by local government units; and

     (3)   [7] seven percent shall be allocated for the purposes of providing grants to assist qualifying tax exempt nonprofit organizations to pay the cost of acquisition and development of lands for recreation and conservation purposes, and of this amount, 11 percent shall be allocated for stewardship activities undertaken by qualifying tax exempt nonprofit organizations.

     c.     Any repayments of the principal and interest on loans issued to local government units for the acquisition or development of lands for recreation and conservation purposes using constitutionally dedicated CBT moneys shall be deposited into the Preserve New Jersey Green Acres Fund, and shall be specifically dedicated for the issuance of additional loans in the same manner as provided in subsection b. of section 27 of P.L.1999, c.152 (C.13:8C-27).

     d.    (1)   The moneys in the fund are specifically dedicated and shall be used for the same purposes and according to the same criteria and provisions as those set forth in section 26 of P.L.1999, c.152 (C.13:8C-26), and as provided pursuant to P.L.2016, c.12 (C.13:8C-43 et seq.) and [paragraph (3) of] this [subsection] section .

     (2)   Grants and loans issued to local government units and grants issued to qualifying tax exempt nonprofit organizations using constitutionally dedicated CBT moneys for the acquisition and development of lands for recreation and conservation purposes shall be subject to the same provisions as those prescribed in section 27 of P.L.1999, c.152 (C.13:8C-27), except as otherwise provided in section 10 of P.L.2016, c.12 (C.13:8C-52).

     (3)   Notwithstanding any provision of P.L.2016, c.12 (C.13:8C-43 et seq.) or P.L.1999, c.152 (C.13:8C-1 et seq.) to the contrary, projects of the Palisades Interstate Park Commission established pursuant to P.L.1980, c.104 (C.32:14-1.1 et seq.) for the acquisition or development of land for recreation and conservation purposes in New Jersey shall be considered State projects for the purposes of eligibility for funding pursuant to the provisions of P.L.2016, c.12 (C.13:8C-43 et seq.).

     e.     Moneys in the fund shall not be expended except in accordance with appropriations from the fund made by law.  Any act appropriating moneys from the Preserve New Jersey Green Acres Fund shall identify any particular project or projects to be funded by the moneys, and any expenditure for a project for which the location is not identified by municipality and county in the appropriation shall require the approval of the Joint Budget Oversight Committee, or its successor, except as permitted otherwise in accordance with the same exceptions as those specified in paragraph (2) of subsection a. of section 23 of P.L.1999, c.152 (C.13:8C-23).

     f.     Unexpended moneys due to project withdrawals, cancellations, or cost savings shall be returned to the fund.

     g.    Of the amount authorized pursuant to this section, not more than five percent shall be utilized for organizational, administrative and other work and services, including salaries, equipment and materials necessary to administer the applicable provisions of [this act] P.L.2016, c.12 (C.13:8C-43 et seq.) .

     h.    To the end that municipalities may not suffer a loss of taxes by reason of the acquisition and ownership by the State of lands in fee simple for recreation and conservation purposes, or the acquisition and ownership by qualifying tax exempt nonprofit organizations of lands in fee simple for recreation and conservation purposes that become certified as exempt from property taxes pursuant to P.L.1974, c.167 (C.54:4-3.63 et seq.) or similar laws, the State shall make payments annually in the same manner as payments are made pursuant to section 29 of P.L.1999, c.152 (C.13:8C-29).

     i.     The State shall not use the power of eminent domain in any manner for the acquisition of lands by the State for recreation and conservation purposes using constitutionally dedicated CBT moneys in whole or in part unless a concurrent resolution approving that use is approved by both Houses of the Legislature; except that, without the need for such a concurrent resolution, the State may use the power of eminent domain to the extent necessary to establish a value for lands to be acquired from a willing seller by the State for recreation and conservation purposes using constitutionally dedicated CBT moneys in whole or in part.

     j.     Of the amount deposited in each State fiscal year commencing in State fiscal year 2020 and annually thereafter into the Preserve New Jersey Green Acres Fund pursuant to paragraph (1) of subsection a. of section 1 of P.L.    , c.    (C.     ) (pending before the Legislature as this bill):

     (1)   60 percent shall be allocated for the purpose of paying the cost of acquisition and development of lands by the State for recreation and conservation purposes, and the amount provided pursuant to this paragraph shall be allocated as follows:

     (a)   50 percent shall be allocated for the purpose of paying the cost of acquisition of lands by the State for recreation and conservation purposes, including Blue Acres projects; and

     (b)   50 percent shall be allocated for the purpose of paying the cost of development of lands by the State for recreation and conservation purposes, and of the amount provided pursuant to this subparagraph:

     (i)    up to 22 percent shall be allocated for the purpose of paying the cost for stewardship activities undertaken on lands administered by the Division of Fish and Wildlife in the department; and

     (ii)   up to 22 percent shall be allocated for the purpose of paying the cost for stewardship activities undertaken on lands administered by the Division of Parks and Forestry in the department;

     (2)   34 percent shall be allocated for the purposes of providing grants and loans to assist local government units to pay the cost of acquisition and development of lands for recreation and conservation purposes, including Blue Acres projects, and of this amount, up to two percent shall be allocated for stewardship activities undertaken by local government units; and

     (3)   six percent shall be allocated for the purposes of providing grants to assist qualifying tax exempt nonprofit organizations to pay the cost of acquisition and development of lands for recreation and conservation purposes, including Blue Acres projects, and of this amount, 11 percent shall be allocated for stewardship activities undertaken by qualifying tax exempt nonprofit organizations.

     k.    (1)   In addition to the purposes set forth in subsection d. of this section, moneys in the Preserve New Jersey Green Acres Fund may be applied for the purposes of providing moneys to:

     (a)   meet the Blue Acres costs to the State for the acquisition of lands for a Blue Acres project; or

     (b)   provide grants, pursuant to the provisions of paragraph (2) of this subsection, to assist a qualifying tax exempt nonprofit organization in meeting the Blue Acres costs for the acquisition of lands for a Blue Acres project.

     (2)   A grant by the State for lands to be acquired by a qualifying tax exempt nonprofit organization for a Blue Acres project may include up to 50 percent of the Blue Acres cost of acquisition of the lands by the qualifying tax exempt nonprofit organization.

     (a)   A qualifying tax exempt nonprofit organization shall not use as its matching share of the Blue Acres cost of acquisition of lands for a Blue Acres project any constitutionally dedicated moneys, as defined pursuant to section 3 of P.L.1999, c.152 (C.13:8C-3), or any grant moneys obtained from a Green Acres bond act.

     (b)   To qualify to receive a grant from the Preserve New Jersey Blue Acres Fund, the board of directors or governing body of the applying tax exempt nonprofit organization shall:

     (i)    demonstrate to the commissioner that the organization qualifies as a charitable conservancy for the purposes of P.L.1979, c.378 (C.13:8B-1 et seq.);

     (ii)   demonstrate that the organization has the resources to match the grant requested;

     (iii)  agree to make and keep the lands accessible to the public, unless the commissioner determines that public accessibility would be detrimental to the lands or any natural resources associated therewith;

     (iv)  agree not to convey the lands except to the federal government, the State, a local government unit, or another qualifying tax exempt nonprofit organization, for recreation and conservation purposes; and

     (v)   agree to execute and donate to the State at no charge a conservation restriction pursuant to P.L.1979, c.378 (C.13:8B-1 et seq.) on the lands to be acquired with the grant.

(cf: P.L.2018, c.95, s.1)

 

     3.    Section 8 of P.L.2016, c.12 (C.13:8C-50) is amended to read as follows: 

     8.    a.   The State Treasurer shall establish a fund to be known as the "Preserve New Jersey Farmland Preservation Fund" and shall deposit all moneys received pursuant to paragraph (3) of subsection a. of section 5 of [this act] P.L.2016, c.12 (C.13:8C-47), paragraph (2) of subsection a. of section 1 of P.L.    , c.    (C.     ) (pending before the Legislature as this bill), and any other moneys appropriated by law for deposit into the fund.

     Moneys in the fund shall be invested in permitted investments or shall be held in interest-bearing accounts in those depositories as the State Treasurer may select, and may be invested and reinvested in permitted investments or as other trust funds in the custody of the State Treasurer in the manner provided by law.  All interest or other income or earnings derived from the investment or reinvestment of moneys in the fund shall be credited to the fund.

     b.    (1)     The moneys in the fund are specifically dedicated and shall be used for the same purposes as those set forth in section 37 of P.L.1999, c.152 (C.13:8C-37) and as provided in paragraph (2) of this subsection.

     (2)   Of the moneys deposited into the Preserve New Jersey Farmland Preservation Fund each year, up to [3] three percent shall be allocated by the committee on an annual basis for stewardship activities.

      c.    Moneys in the fund shall not be expended except in accordance with appropriations from the fund made by law.  Any act appropriating moneys from the Preserve New Jersey Farmland Preservation Fund shall identify any particular project or projects to be funded by the moneys, and any expenditure for a project for which the location is not identified by municipality and county in the appropriation shall require the approval of the Joint Budget Oversight Committee, or its successor, except as permitted otherwise in accordance with the same exceptions as those specified in paragraph (2) of subsection b. of section 23 of P.L.1999, c.152 (C.13:8C-23).

     d.    Unexpended moneys due to project withdrawals, cancellations, or cost savings shall be returned to the fund.

(cf: P.L.2016, c.12, s.8)

 

     4.    Section 9 of P.L.2016, c.12 (C.13:8C-51) is amended to read as follows:

     9.    a.   The State Treasurer shall establish a fund to be known as the "Preserve New Jersey Historic Preservation Fund" and shall deposit all moneys received pursuant to paragraph (4) of subsection a. of section 5 of P.L.2016, c.12 (C.13:8C-47) , paragraph (3) of subsection a. of section 1 of P.L.    , c.      (C.     ) (pending before the Legislature as this bill), and any other moneys appropriated by law for deposit into the fund.

     Moneys in the fund shall be invested in permitted investments or shall be held in interest-bearing accounts in those depositories as the State Treasurer may select, and may be invested and reinvested in permitted investments or as other trust funds in the custody of the State Treasurer in the manner provided by law.  All interest or other income or earnings derived from the investment or reinvestment of moneys in the fund shall be credited to the fund.

      b.   (1)   The moneys in the fund are specifically dedicated and shall be used for the same purposes as those set forth in section 41 of P.L.1999, c.152 (C.13:8C-41), [and] for emergency intervention and the acquisition of historic preservation easements , and shall be allocated by the New Jersey Historic Trust as provided in subsection e. of this section .

     (2)   Notwithstanding any provision of P.L.2016, c.12 (C.13:8C-43 et seq.) or P.L.1999, c.152 (C.13:8C-1 et seq.) to the contrary, the Palisades Interstate Park Commission established pursuant to P.L.1980, c.104 (C.32:14-1.1 et seq.) shall be eligible for grants pursuant to the provisions of section 41 of P.L.1999, c.152 (C.13:8C-41) for projects located in New Jersey.  A project by the Palisades Interstate Park Commission for historic preservation purposes shall be subject to the same criteria and conditions set forth in section 41 of P.L.1999, c.152 (C.13:8C-41) applicable to a project by a local government unit.

     c.     Moneys in the fund shall not be expended except in accordance with appropriations from the fund made by law.  Any act appropriating moneys from the Preserve New Jersey Historic Preservation Fund shall identify any particular project or projects to be funded by the moneys, and any expenditure for a project for which the location is not identified by municipality and county in the appropriation shall require the approval of the Joint Budget Oversight Committee, or its successor.

     d.    Unexpended moneys due to project withdrawals, cancellations, or cost savings shall be returned to the fund.

     e.     Of the amount deposited in each State fiscal year commencing in State fiscal year 2020 and annually thereafter into the Preserve New Jersey Historic Preservation Fund pursuant to paragraph (3) of subsection a. of section 1 of P.L.    , c.    (C.     ) (pending before the Legislature as this bill), a minimum of 50 percent shall be allocated for Level II capital preservation grants.

     As used in this subsection, "Level II capital preservation grant" means a construction grant awarded by the New Jersey Historic Trust for the preservation, restoration, or rehabilitation of a historic property in an amount between $150,001 to $750,000.

(cf: P.L.2018, c.95, s.2)

 

     5.    This act shall take effect immediately.

 

 

STATEMENT

 

     This bill establishes the funding allocations for the constitutional dedication of Corporation Business Tax (CBT) revenues for the State's open space, farmland, and historic preservation programs for fiscal year 2020 and thereafter. 

     The constitutional dedication of CBT revenues for open space, farmland, and historic preservation pursuant to Article VIII, Section II, paragraph 6 of the State Constitution, approved by the voters of the State in November 2014, dedicates four percent of CBT revenues for open space, farmland, and historic preservation, water programs, public and private site remediation, and underground storage tank programs for fiscal years 2016 through 2019.  For fiscal year 2020 and thereafter, this annual dedication for certain environmental programs is increased from four percent to six percent.

     Specifically with regard to open space, farmland, and historic preservation, commencing July 1, 2019 (i.e., for State fiscal year 2020 and thereafter), of the six percent CBT dedication, the State Constitution dedicates annually 78 percent for the following purposes:  (1) providing funding, including loans or grants, for the preservation, including acquisition, development, and stewardship, of lands for recreation and conservation purposes, including lands that protect water supplies and lands that have incurred flood or storm damage or are likely to do so, or that may buffer or protect other properties from flood or storm damage (i.e., Green Acres and Blue Acres); (2) providing funding, including loans or grants, for the preservation and stewardship of land for agricultural or horticultural use and production (i.e., farmland preservation); (3) providing funding, including loans or grants, for historic preservation; and (4) paying administrative costs associated with each of those efforts.  Previously, for fiscal years 2016 through 2019, the State Constitution dedicated 71 percent of the four percent CBT dedication for these four purposes.

     Current law, the "Preserve New Jersey Act," P.L.2016, c.12 (C.13:8C-43 et seq.), sets forth funding allocations for the constitutional dedication of CBT revenues for open space, farmland, and historic preservation for State fiscal years 2017 through 2019.  This bill supplements and amends the "Preserve New Jersey Act" in order to implement the CBT revenue dedication and the "Preserve New Jersey Act" for State fiscal year 2020 and beyond by establishing funding allocations for the State's existing open space, farmland, and historic preservation programs based on the increase in dedicated CBT revenue available for these purposes beginning July 1, 2019.

     Under this bill, for State fiscal year 2020 and thereafter, the above-described dedicated CBT revenues would be allocated as follows:

     (1)   62 percent for the acquisition and development of lands for public recreation and conservation purposes, including lands that protect water supplies and lands that have incurred flood or storm damage or are likely to do so, or that may buffer or protect other properties from flood or storm damage;

     (2)   31 percent for farmland preservation purposes; and

     (3)   seven percent for historic preservation purposes.

     Of the funding allocated each year for recreation and conservation purposes pursuant to this bill:  60 percent would be used for State open space acquisition and development projects; 34 percent would be used for grants and loans to fund local government open space acquisition and development projects; and six percent would be used for grants to fund open space acquisition and development projects undertaken by qualifying tax exempt nonprofit organizations.  These funds would be further allocated for open space acquisition and development projects by the State, local governments, and nonprofit organizations in the same manner as provided in current law.

     Beginning July 1, 2022, and annually thereafter, the bill directs the Garden State Preservation Trust (GSPT) to review the appropriations of constitutionally dedicated CBT moneys to, and the expenditures thereof by, the Department of Environmental Protection (DEP), the State Agriculture Development Committee (SADC), and the New Jersey Historic Trust (NJHT) for their respective programs for the fiscal year ending two years prior to the year in which the review is occurring.  If the GSPT determines that the DEP, SADC, or NJHT have not expended or contractually obligated the moneys allocated for the fiscal year ending two years prior to the year in which the review is occurring, the bill provides that the GSPT may reallocate the amount of moneys that have not been expended or contractually obligated for that particular fiscal year by the DEP, SADC, or NJHT, as applicable.  If the GSPT determines it is appropriate, the bill provides that the GSPT would determine, of that amount, the appropriate funding allocations for the Preserve New Jersey Green Acres Fund, the Preserve New Jersey Farmland Preservation Fund, or the Preserve New Jersey Historic Preservation Fund.  The bill also provides that the GSPT would determine how those amounts would be further allocated by the DEP, SADC, or NJHT, as applicable.  The bill requires the GSPT to hold a public hearing to solicit public input when making these determinations.  The bill directs the GSPT to make its determinations based upon a demonstrated need for funding for the acquisition or development of lands for recreation and conservation purposes, including Blue Acres projects, farmland preservation purposes, or historic preservation purposes based upon available projects, applicant demand, and past appropriations and expenditures for these purposes.  The bill further provides that if the GSPT reallocates constitutionally dedicated CBT moneys for a particular fiscal year as allowed by the bill, that reallocation would not affect or alter allocations for any subsequent fiscal year. 

     The Blue Acres program is administered as a component of the DEP's Green Acres program.  "Blue Acres" is the term used to refer to properties that have been damaged by storms or storm-related flooding, that appear likely to incur such damage, or that may buffer or protect other lands from such damage.  Structures on a purchased property are demolished, the debris is removed, and the land is preserved as open space.  Under this bill, the Blue Acres program would not receive a separate funding allocation but would continue to be administered as part of the overall funding allocation provided to the Green Acres program.  The bill incorporates the purposes of the Preserve New Jersey Blue Acres Fund into the Preserve New Jersey Green Acres Fund, rather than having two separate funds providing moneys to the DEP's Green Acres program for the acquisition of lands for recreation and conservation purposes.

     Lastly, the bill provides that of the amount deposited annually into the Preserve New Jersey Historic Preservation Fund, a minimum of 50 percent would be allocated for Level II capital preservation grants.  Capital preservation grants fund the restoration, preservation, repair, and rehabilitation of historic properties listed or eligible for listing in the State or National Register of Historic Places.  By regulation, the NJHT has established two levels of capital preservation grants:  Level I grants of $5,000 to $150,000, and Level II grants of $150,001 to $750,000.  This bill would require that a minimum of 50 percent of the allocated funding in each fiscal year be awarded to larger scale historic preservation projects.

     Based on the increase in the amount of the constitutionally dedicated CBT revenue, there is expected to be an increase in funding available for the State's open space, farmland, and historic preservation purposes.  Based on current estimates of CBT revenue, there will be $92 million available for these purposes for fiscal year 2019, and an estimated $152 million available for fiscal year 2020.  The increase in dedicated CBT revenue beginning in fiscal year 2020 and the allocations provided in this bill will result in additional funding being available for the State's open space, farmland, and historic preservation programs. 

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