This bill mandates the establishment of a program by the Department of Environmental Protection (DEP) for the acquisition of 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 fund the acquisitions, the bill creates a special nonlapsing Woodlands Protection Fund, which will receive federal funds, private donations, legislative appropriations, and investment returns. The DEP is tasked with coordinating funding efforts and will request necessary budget allocations annually. Additionally, the State Forester is required to adopt rules and regulations for the program's implementation within one year of the bill's enactment, ensuring sustainable management of the acquired lands. This initiative aims to protect New Jersey's forests, which are under significant development pressure, and to promote sustainable forest management practices.