This bill appropriates a total of $115,091,000 to the State Agriculture Development Committee from corporation business tax revenues, specifically for farmland preservation efforts. The funds will be used to acquire development easements or fee simple titles to farmland, provide grants to counties and municipalities for up to 80% of the cost of acquiring fee simple titles, and offer grants to qualifying tax-exempt non-profit organizations for up to 50% of the same costs. Additionally, $7,702,000 of the appropriated amount is derived from interest earnings on these dedicated tax revenues. The bill also stipulates that any farmland acquired with these funds must be offered for resale or lease with agricultural deed restrictions approved by the committee.

Furthermore, the bill allocates an additional $13,150,000 from the Preserve New Jersey Farmland Preservation Fund for various administrative and operational costs associated with the committee's work, including salaries and legal representation. It also includes a provision for the appropriation of $120,539,000 from the General Fund to the Preserve New Jersey Farmland Preservation Fund to support the implementation of the act. The expenditure of these funds is subject to existing laws related to farmland preservation, ensuring compliance with established regulations. The act is set to take effect immediately upon approval.