Revises law establishing individual transferable quota system for menhaden purse seine fishery.
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Progress
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- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill revises the law governing the New Jersey menhaden purse seine fishery by establishing an individual transferable quota (ITQ) system. The system will allocate quotas based on a vessel’s historical landings from 2011 to 2018, rather than 2014 to 2018. It also outlines provisions for quota transfer, seasonal closures, and a requirement for the Department of Environmental Protection to assess the ITQ system after ten years of implementation. The bill aims to provide a more stable and predictable framework for the fishery.
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