The Association of New Jersey Environmental Commissions (ANJEC) has created a draft resolution calling on the State to continue the corporate business tax surcharge to support Open Space, Farmland, Historic Preservation and Hazardous Site Cleanup Funding.
The CBT surcharge is a 2.5% surcharge on every dollar of corporate profits above $1 million. This surcharge is set to expire at the end of the year, which will lead to an estimated billion dollars in lost revenue for the state in FY2025.
6% of all corporate business tax revenue, including the surcharge, is dedicated to environmental programs. The majority of this dedication is used to fund the Garden State Preservation Trust, which oversees the state’s Green Acres, Farmland Preservation and Historic Preservation programs.
In June, Governor Murphy signed a state budget that plans on cutting this surcharge, which equates to approximately $60 million annually for land preservation and cleanup of hazardous polluted sites starting in January 2024. The New Jersey Legislature can correct this in the lame duck session between now and early January 2024.
The Keep It Green coalition encourages environmental commissions and municipalities to adopt this resolution and support this critical source of land preservation funding.
Please send your completed resolution to info@anjec.org.
Resolution Link: https://anjec.org/wp-content/uploads/2023/10/CBTFunding-Resolution-1024.pdf
