ASSEMBLY AGRICULTURE AND WASTE MANAGEMENT COMMITTEE

STATEMENT TO

ASSEMBLY CONCURRENT RESOLUTION No. 56

STATE OF NEW JERSEY

DATED: MARCH 11, 1996

      The Agriculture and Waste Management Committee reports favorably Assembly Concurrent Resolution No. 56.

      This proposed amendment to the Constitution would dedicate 6% of the annual revenues from the Corporation Business Tax for certain costs involved with hazardous discharge remediations, underground storage tank improvements, and surface water quality modeling, monitoring, assessment, and information systems.

      It is estimated that at current collection levels, this bill would dedicate approximately $72.5 million each year for the above purposes. Of this amount, 80% would be dedicated for the State costs involved in hazardous discharge remediation and for financing and providing loans and grants for hazardous substance underground storage tank upgrades, replacements, or closures, and for cleanups of discharges therefrom. Fifteen percent of the money would be dedicated to financing the costs of surface water quality modeling, monitoring, and assessment as well as the establishment and enhancement of environmentally related geographical information systems. The remainder of the funds would be dedicated to several programs designed to enhance the protection of human health and the environment.