Bill Text: NJ ACR60 | 2010-2011 | Regular Session | Introduced

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Bill Title: Amends Constitution to dedicate 1% of Corporation Business Tax revenue annually to fund dredging projects.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2010-01-12 - Introduced, Referred to Assembly Appropriations Committee [ACR60 Detail]

Download: New_Jersey-2010-ACR60-Introduced.html

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ASSEMBLY CONCURRENT RESOLUTION No. 60

STATE OF NEW JERSEY

214th LEGISLATURE

 

PRE-FILED FOR INTRODUCTION IN THE 2010 SESSION

 

 

Sponsored by:

Assemblyman  DAVID P. RIBLE

District 11 (Monmouth)

 

 

 

 

SYNOPSIS

     Amends Constitution to dedicate 1% of Corporation Business Tax revenue annually to fund dredging projects.

 

CURRENT VERSION OF TEXT

     Introduced Pending Technical Review by Legislative Counsel

  

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 is agreed to:

 

PROPOSED AMENDMENT

 

     Amend Article VIII, Section II, by the addition of a new paragraph 8 to read as follows:

     8.    There shall be credited annually to a special account in the General Fund an amount equivalent to 1% 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 dedicated and shall be appropriated from time to time by the Legislature only for the following purposes:  providing funding for, or financing the cost of, dredging the waters of the State.

     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 or in any manner other than as enumerated in this paragraph.  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 the payment of the principal or interest on any general obligation bond that was approved by the voters prior to this paragraph becoming part of this Constitution.

 

     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.'

     b.    In every municipality the following question:

 

		DEDICATION OF 1% OF CORPORATION BUSINESS TAX REVENUE FOR DREDGING PROJECTS
	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 1% of the revenue annually derived from the imposition of the Corporation Business Tax, or any other State law of similar effect, be deposited every year in a special account, which could be appropriated by the Legislature only for providing funding for, or financing the cost of, dredging the waters of the State, be approved?
		INTERPRETIVE STATEMENT
	NO	Approval of this proposed constitutional  amendment would dedicate 1% of the annual revenue from the Corporation Business Tax to pay for or finance the dredging of various water bodies in the State where needed.  The purpose of dredging is to clean, deepen, or widen a water body.

 

 

STATEMENT

 

     This resolution would amend the New Jersey Constitution to dedicate 1% of the revenues 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 would be dedicated and appropriated from time to time by the Legislature only for providing funding for, or financing the cost of, dredging various water bodies in the State where needed.  The purpose of dredging is to clean, deepen, or widen a water body.

     Based upon the estimated Corporation Business Tax revenues for fiscal year 2007, this constitutional amendment would dedicate approximately $32 million per year for dredging projects.