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 and municipalities for up to 80% of the acquisition costs and to qualifying tax-exempt non-profit organizations for up to 50% of the costs. The bill also allows for additional funds from proceeds that may become available through the lease or conveyance of previously acquired farmland. Furthermore, it designates up to $12 million for administrative and organizational expenses related to the implementation of the Preserve New Jersey Act, along with funds for legal and acquisition-related costs.

Additionally, the bill includes provisions that allow the SADC to increase its offers for purchasing agricultural lands if the total appropriated amount is not fully expended within one year of enactment. This increase can exceed the values established by the Statewide Farmland Preservation Formula, provided that the committee issues public notice and proportionally increases any outstanding offers. The bill emphasizes the importance of farmland preservation and the utilization of dedicated CBT revenues for this purpose, aligning with the goals of the Preserve New Jersey Act, which was approved by voters in 2014.