The bill amends the existing law regarding the provision of funding in lieu of replacement land under the Act Preserving Open Space in the Commonwealth. It specifies that public entities authorized to use such funding must maintain the funds in a dedicated account solely for acquiring land for Article 97 purposes. The funds must be utilized within three years to acquire replacement land that is comparable in location, acreage, monetary value, and natural resource value, as determined by the Secretary of Energy and Environmental Affairs.

Additionally, the Secretary is required to issue an annual report detailing instances where funding was provided in lieu of replacement land. This report must include the amount of funds provided, the account into which they were deposited, whether the funds were used to acquire replacement land, and a description of any land acquired. The bill also introduces a form that public entities must complete to provide the necessary information to the Secretary, ensuring transparency and accountability in the use of these funds.