New Jersey Senate backs amendment to use more business taxes to pay to preserve open space
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.