The bill amends existing legislation to enhance the allocation and use of funds from the Garden State Green Acres Preservation Trust Fund, specifically for recreation and conservation purposes. It mandates that funds appropriated to the Department of Environmental Protection (DEP) be utilized for land acquisition, development, grants to local governments, and support for qualifying nonprofit organizations. The bill emphasizes geographic diversity in fund allocation and introduces new appraisal methods for determining the value of pinelands development credits, which must be permanently retired when obtained in connection with land acquisitions using these funds.

Additionally, the bill amends provisions related to farmland preservation and the management of the Highlands Protection Fund. It requires that acquisitions or grants for farmland preservation reflect the state's geographic diversity and outlines the process for valuing development easements on farmland. The bill establishes the "Highlands Protection Fund," a non-lapsing fund dedicated to financial aids and grants for property tax stabilization and watershed management in the Highlands Region. It ensures equitable financial support for municipalities hosting watershed lands and emphasizes the importance of maintaining funding levels for farmland preservation efforts, reinforcing a commitment to environmental protection and sustainable land use practices.

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