This bill appropriates a total of $128.241 million from constitutionally dedicated corporation business tax (CBT) revenues to the State Agriculture Development Committee (SADC) for farmland preservation purposes. Specifically, it allocates $115.091 million to cover the costs associated with acquiring development easements or fee simple titles to farmland, as well as providing grants to counties, municipalities, and qualifying tax-exempt non-profit organizations for up to 80% and 50% of the acquisition costs, respectively. The bill also allows for additional funds from proceeds that may become available through the lease or conveyance of previously acquired farmland, ensuring that the SADC has the necessary resources to support approved farmland preservation projects.

Furthermore, the bill designates up to $13.15 million for administrative and operational costs related to the SADC's farmland acquisition efforts, including $12 million for organizational expenses, $1 million for acquisition-related costs, and $150,000 for legal representation. Notably, it includes a provision that permits the SADC to increase its offers for purchasing agricultural lands beyond the values established by the Statewide Farmland Preservation Formula if the appropriated funds are not fully expended within one year. This flexibility aims to enhance the effectiveness of farmland preservation efforts in New Jersey.