This bill mandates the establishment of a program by the Office of Green Acres within the Department of Environmental Protection (DEP) for acquiring development easements and other restrictions that permanently limit development on privately-owned woodlands. To qualify for this program, the woodlands must be at least five contiguous acres and managed according to an approved forest stewardship or woodland management plan. The bill also specifies that landowners are not required to provide public access to the preserved woodlands.

To support the program financially, the bill creates a Woodlands Protection Fund, which will receive funding from various sources, including federal funds, private donations, and legislative appropriations. The DEP is tasked with requesting necessary funding annually and coordinating with relevant agencies to secure additional financial resources. Furthermore, the Office of Green Acres, in consultation with the State Forester, is required to adopt rules and regulations for the program's implementation within one year of the bill's enactment.