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Committee releases bill to offer tax deduction for private land sold to conservation groups
Summary
S3287 would allow a state income tax deduction for sales of certain real-property interests to conservation organizations; Nature Conservancy testimony said the measure helps land trusts compete with private developers and was released unanimously with a technical amendment.
Senate bill S3287 would provide a gross-income tax deduction for amounts paid when private landowners sell certain property interests for conservation. Rebecca Hobert (identified in testimony as external affairs associate, Nature Conservancy of New Jersey) told the committee S3287 is a practical, cost-effective tool that helps conservation organizations compete with private developers and support protection of water, farmland and wetlands.
Hobert noted New Jersey has preserved about a third of its land to date but continues to lose acreage to development; she offered data points (377,000 acres lost since the 1980s as cited in testimony) to make the case that incentives can improve conservation outcomes. Committee members reviewed a technical amendment, took a roll call and released S3287 with committee amendments by unanimous vote.
The committee indicated the amendment corrects typographical errors and staff will attach the technical fix before the bill advances.
