This bill allocates $7.5 million annually from constitutionally dedicated Corporation Business Tax (CBT) revenue to support land preservation efforts in the Highlands Region of New Jersey. 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 funding aims to enhance conservation efforts, including the acquisition of lands for recreation and farmland preservation, while ensuring that any land acquired is protected from future development through conservation easements or agricultural deed restrictions. The bill also emphasizes the importance of geographic diversity in fund allocation and prioritizes applications that protect water resources and flood-prone areas.

Additionally, the bill extends the expiration date for the special appraisal process used in State-funded land acquisitions under the Green Acres and farmland preservation programs from June 30, 2024, to June 30, 2029. This process requires conducting two appraisals to determine the final acquisition price based on the higher value. The bill mandates that the Department of Environmental Protection consult with the Highlands Water Protection and Planning Council to develop land preservation strategies and ensures that municipalities within the Highlands Region that host watershed lands receive equitable financial support from the Highlands Protection Fund. Overall, the legislation aims to strengthen land preservation efforts while promoting sustainable agricultural practices and protecting vital natural resources.

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