This bill appropriates a total of $1.723 million to the State Agriculture Development Committee (SADC) for farmland preservation initiatives. The funds will be allocated as grants to qualifying tax-exempt nonprofit organizations, covering up to 50 percent of the costs associated with acquiring development easements on farmland or acquiring fee simple titles to farmland for resale or lease, provided that agricultural deed restrictions are approved by the SADC. The funding sources include $896,678.23 from constitutionally dedicated corporation business tax (CBT) revenues and $826,321.77 from the 2009 Farmland Preservation Fund, both of which are made available through the reallocation of previously appropriated funds.

The bill specifies that the expenditure of these appropriated sums is subject to existing laws related to farmland preservation, including the Preserve New Jersey Act and the Green Acres, Water Supply and Floodplain Protection, and Farmland and Historic Preservation Bond Act. The projects eligible for funding have already received approval from the SADC and the Garden State Preservation Trust, ensuring that the funds will be utilized effectively for the intended purpose of preserving farmland in New Jersey. The act is set to take effect immediately upon passage.