SCR12

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

Be It Resolved by the Senate of the State of New Jersey (the General Assembly 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 5% 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. This amount shall be appropriated from time to time by the Legislature only for the purposes of paying or financing the cost of the cleanup or remediation of discharges of hazardous substances. It shall not be competent for the Legislature, under any pretense whatever, to borrow, appropriate or use this amount, or any portion thereof, for any purpose other than the cleanup or remediation of discharges of hazardous substances.

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 general 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."

		DEDICATION OF 5% OF CORPORATION BUSINESS TAX REVENUE TO FUND CLEANUP OR REMEDIATION OF HAZARDOUS DISCHARGES
	YES	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 5% 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 funding the cost of the cleanup or remediation of discharges of hazardous substances, be approved?
		INTERPRETIVE STATEMENT
	NO	Approval of this proposed constitutional amendment would provide that an amount equivalent to 5% of the revenue annually derived from 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 funding the cost of the cleanup or remediation of hazardous discharge sites. At current collection levels, the dedication established by this constitutional amendment would provide approximately $50 million per year for hazardous discharge cleanup.

This concurrent resolution would amend Article VIII, Section II, of the State Constitution. The proposed amendment provides that an amount equal to 5% of the revenue annually derived from the imposition of the "Corporation Business Tax Act (1945)," P.L.1945, c.162 (C.54:10A-1 et seq.), or any other State law of similar effect, would be deposited in a special account, the moneys in which could be appropriated by the Legislature only for the purpose of funding the cost of the cleanup or remediation of hazardous discharge sites. At current collection levels, the dedication established by this proposed constitutional amendment would provide approximately $50 million per year for hazardous discharge cleanup.

Amends Constitution to dedicate 5% of Corporation Business Tax revenue to fund hazardous discharge cleanup.