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 for the acquisition of development easements and fee simple titles to farmland, as well as grants to counties, municipalities, and qualifying tax-exempt non-profit organizations for up to 80% and 50% of the costs, respectively. The bill also allows for additional funds from proceeds that may become available due to the lease or conveyance of previously acquired farmland. Furthermore, it designates up to $12 million for administrative costs, $1 million for acquisition-related expenses, and $150,000 for legal representation related to the enforcement of development easements.

Additionally, the bill includes provisions that allow 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 increase is subject to public notice and proportional adjustments to other outstanding offers. The funding is sourced from the Preserve New Jersey Farmland Preservation Fund, which was established under the Preserve New Jersey Act, ensuring that the appropriations align with the constitutional dedication of CBT revenues for open space, farmland, and historic preservation.