This bill mandates the Department of Environmental Protection (DEP) to create a program 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 these preserved woodlands.

To finance the program, the bill establishes the Woodlands Protection Fund, which will receive federal funds, private donations, legislative appropriations, and investment returns. The State Forester is tasked with adopting rules and regulations for the program's implementation within one year of the bill's enactment, including application procedures and project evaluation criteria. This initiative aims to protect New Jersey's forests, which cover about 40% of the state's land area, from development pressures, ensuring sustainable management and preservation of these critical natural resources.