ACR74

A Concurrent Resolution proposing to amend Article VIII, Section II of the Constitution of the State of New Jersey.

Be It Resolved by the General Assembly of the State of New Jersey (the Senate concurring):

1 The following proposed amendment to the Constitution of the State of New Jersey is agreed to:

Amend Article VIII, Section II, by the addition of a new paragraph 5 to read as follows:

5. There shall be credited annually to a special account in the General Fund an amount equivalent to 2% of the revenue annually derived from the tax imposed pursuant to the "Corporation Business Tax Act (1945)," P.L.1945, c.162 (C.54:10A-1 et seq.), as amended and supplemented, or any other State law of similar effect.

The amount annually credited pursuant to this paragraph shall be appropriated from time to time by the Legislature only for the purpose of financing loans or grants for the upgrade, replacement, or closure of underground storage tanks that store or were used to store hazardous substances, and for the costs of remediating any discharge therefrom. Monies credited pursuant to this paragraph may not be used to provide a loan or grant to the State or to any of its departments, agencies, or authorities.

It shall not be competent for the Legislature, under any pretense whatever, to borrow, appropriate or use the amount credited to the special account pursuant to this paragraph, or any portion thereof, for any purpose other than those enumerated in this paragraph.

2. When this proposed amendment to the Constitution is finally agreed to pursuant to Article IX, paragraph 1 of the Constitution, it shall be submitted to the people at the next general election occurring more than three months after the final agreement and shall be published at least once in at least one newspaper of each county designated by the President of the Senate, the Speaker of the General Assembly and the Secretary of State, not less than three months prior to the general election.

3. This proposed amendment to the Constitution shall be submitted to the people at that election in the following manner and form:

There shall be printed on each official ballot to be used at the general election, the following:

a. In every municipality in which voting machines are not used, a legend which shall immediately precede the question, as follows:

If you favor the proposition printed below make a cross (X), plus (+) or check (•) in the square opposite the word 'Yes.' If you are opposed thereto make a cross (X), plus (+) or check (•) in the square opposite the word 'No.'

YES

DEDICATION OF 2% OF CORPORATION BUSINESS TAX REVENUE FOR UNDERGROUND STORAGE TANK UPGRADES, REPLACEMENTS, CLOSURES, AND REMEDIATIONS

Shall the amendment to Article VIII, Section II, of the Constitution of the State of New Jersey, agreed to by the Legislature, to provide that an amount equivalent to 2% of the revenue annually derived from the imposition of the Corporation Business Tax, or any other State law of similar effect, be deposited in a special account, which could be appropriated by the Legislature only for the purpose of financing loans and grants for underground storage tank upgrades, replacements, closures, and remediations, be approved?

INTERPRETIVE STATEMENT

Approval of this proposed constitutional amendment would dedicate 2% of the annual revenue from the Corporation Business Tax, or other similar tax, for financing loans and grants for underground storage tank upgrades, replacements, closures, and remediations. The State and any of its departments, agencies, and authorities could not receive a loan or grant from the dedicated monies. At current collection levels, the dedicated monies would be approximately $25 million per year.

This constitutional amendment would dedicate 2% of the annual revenues from the Corporation Business Tax for costs involved with underground storage tank upgrades, replacements, closures, and remediations. Local governments, businesses, and individuals would be eligible to receive loans or grants but the State, and its departments, agencies, and authorities would not be so eligible.

It is estimated that at current collection levels this bill would dedicate approximately $25 million each year for its intended purposes.

Amends Constitution to dedicate 2% of Corporation Business Tax revenue to fund underground storage tank improvements.