This bill appropriates a total of $1,723,000 to the State Agriculture Development Committee for grants to qualifying tax-exempt nonprofit organizations. The funding will cover up to 50 percent of the costs associated with acquiring development easements on farmland or acquiring fee simple titles to farmland, which will be resold or leased with agricultural deed restrictions approved by the committee. The funding sources include $896,678.23 from dedicated corporation business tax revenues in the Preserve New Jersey Farmland Preservation Fund and $826,321.77 from the 2009 Farmland Preservation Fund, both made available through the reallocation of previously appropriated funds.

The bill outlines specific projects eligible for funding, detailing the applicants, their respective farms, locations, and the maximum grant amounts. The expenditure of the appropriated funds is subject to existing laws related to farmland preservation and development. The act is set to take effect immediately upon approval, which occurred on July 10, 2024.