The proposals introduced yesterday are aimed, according to the governor, at accelerating the preservation of open space. "We lose nearly 50 acres of land a day to poorly controlled development," McGreevey said in announcing the legislative initiatives. "The opportunity to preserve our dwindling open space is swiftly passing us by and will soon be lost without the actions outlined in these proposals."

Specifically, they will raise the cap on the bonding capacity of the Garden State Preservation Trust, and exempt from capital gains the sale or transfer of land to the state for preservation. Another proposal would allow farmers to average yearly net profits over a four-year period to level out their tax liability.

The latter proposal is aimed at keeping more farmers down on the farm. According to McGreevey, the cyclical nature of farming is a factor in driving farmers into selling off their land, often to developers, and finding another line of work. His proposal is an attempt to allow farmers to balance off a bad year with a net gain in another year.

The proposal to boost the bonding capacity for the GSPT, meanwhile, would in effect increase by an estimated $100 million the amount of money available for open space preservation over the next three years. McGreevey also proposed that the additional funds be divided more or less equally between the New Jersey Highlands region in the northern part of the state, the source of one-third of the state's drinking water, and local park upgrades and expansions throughout the Garden State.

Finally, the capital gains proposal would authorize the Department of the Treasury to exempt open space transfers to the state from capital gains taxes. It would apply to land given or sold to the state for the purpose of increasing parkland or preserving open space, and would expire after three years.

The proposals will be next be formally introduced in the state legislature, perhaps as early as next week, according to officials.