This bill amends the Preserve New Jersey Act to allocate $7.5 million annually from constitutionally dedicated Corporation Business Tax (CBT) revenue specifically for land preservation in the Highlands Region. It establishes the Preserve New Jersey Highlands Preservation Fund, which will receive $5 million from the Department of Environmental Protection and $2.5 million from the State Agriculture Development Committee. The bill also extends the expiration date for the special appraisal process for State-funded land acquisitions in the Highlands from June 30, 2024, to June 30, 2029, allowing for two appraisals to determine the acquisition price based on property values. Furthermore, it mandates that funds be distributed to municipalities within the Highlands that do not receive watershed moratorium offset aid but host watershed lands.

In addition to these provisions, the bill emphasizes the importance of geographic diversity in fund allocation and prioritizes acquisitions that protect water resources and flood-prone areas. It requires appraisals for land acquisitions to consider both current and historical land use zoning and environmental regulations, ensuring fair valuation. The bill also includes measures to permanently retire pinelands development credits associated with acquired lands and mandates consultation with the Highlands Water Protection and Planning Council on land preservation strategies. Overall, the legislation aims to enhance land conservation efforts while ensuring equitable distribution of resources and public input in funding allocations.

Statutes affected:
Introduced: 13:8C-26, 13:8C-38, 13:8C-47.1, 13:20-19