NJBIA sent a letter to Senate President Steve Sweeney and Assembly Speaker Craig Coughlin on Thursday urging them to post legislation a bill that would increase funding for the Shore Protection Fund.
Bill A-639/S-1071 would double the annual allocation to the Shore Protection Fund from its 1998 level of $25 million to $50 million annually.
“New Jersey’s 127-mile coastline plays a primary role in the state’s tourism industry, valued at $19.8 billion in 2019 representing 3% of New Jersey’s total GDP,” wrote NJBIA Chief Government Affairs Officer Chrissy Buteas.
“It is also home to millions of New Jerseyans. Increasing our annual investment will renew New Jersey’s commitment to replenishing and protecting our coastal communities. That commitment will be increasingly important for maintaining our vibrant coastal economies in the face of sea level rise.”
To see the full letter to the New Jersey’s legislative leaders, click here.