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Policy: Budgets & Deficits

NJ Senate pushes to replenish open space fund

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News,Business,Budgets and Deficits

TRENTON, N.J. (AP) — The New Jersey Senate is backing a measure that would fund open space preservation in the state over the next 30 years.

The Senate voted 35-1 on Thursday to support a constitutional amendment that would allocate a larger chunk of business tax revenue to improving and preserving open spaces, farmland and historic sites.

The amendment would change the mix of programs funded by a 4 percent allocation of the Corporation Business Tax beginning on July 1, 2015. And it would raise the amount to 6 percent beginning on July 1, 2019.

The Assembly has yet to schedule a vote on the measure.

The fund is running out of money. A proposal to use $200 million a year in sales tax revenue to buy open space stalled last year.

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