This bill authorizes the use of constitutionally dedicated Corporation Business Tax (CBT) revenues to provide grants to local governments for sewer or stormwater infrastructure projects aimed at reducing nonpoint source pollution in the state's lakes and reservoirs, thereby helping to prevent harmful algal blooms. It amends the Watershed Management Fund established by the Watershed Protection and Management Act of 1997 to clarify that this fund will receive an amount equal to five percent of the six percent of annual CBT revenues dedicated to water quality monitoring and pollution prevention projects. Additionally, the bill allows for the provision of grants to local governments to fully fund projects focused on the management and maintenance of lakes and reservoirs to mitigate harmful algal blooms.

Furthermore, the bill modifies the Preserve New Jersey Act to allocate a portion of CBT revenues for grants and loans to assist local government units in acquiring and developing lands for recreation and conservation purposes, specifically for projects that manage and maintain lakes and reservoirs. The grants can also serve as matching funds for local governments seeking additional funding from other sources, including state and federal grants. Overall, the bill aims to enhance water quality and environmental protection through targeted funding and support for local initiatives.

Statutes affected:
Introduced: 58:29-4, 58:29-5, 13:8C-48