The Garden State Preservation Trust Fund has approved $88 million in constitutionally dedicated revenues from the Corporation Business Tax for projects that preserve open space to protect water supplies, expand open space access, fund capital improvement projects at parks, forests, historic sites and wildlife management areas, and advance flood protections.
The Sherrill administration said Monday that $26.3 million of the total $88 million would be used for Blue Acres program, a voluntary flood-buyout program that helps families leave properties that repeatedly flood so that the land can be returned to its natural state as wetlands, open space or natural flood storage area.
New Jersey dedicates 6% of its annual Corporation Business Tax (CBT) revenue to open-space, farmland and historic preservation; water-quality programs; hazardous-substance site remediation; and underground storage tank programs.
