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 bill also extends the expiration date for the special appraisal process for State-funded land acquisitions in the Highlands Region from June 30, 2024, to June 30, 2029, ensuring that land valuations are based on the higher of two appraisals. Additionally, it mandates that funds be distributed to municipalities within the Highlands Region that do not receive watershed moratorium offset aid but host watershed lands.

Furthermore, the bill emphasizes the importance of geographic diversity in fund allocation for recreation and conservation purposes and outlines criteria for prioritizing funding applications, particularly for lands in special environmental zones. It requires that any land acquired with these funds be protected from future development through conservation easements or agricultural deed restrictions. The Highlands Water Protection and Planning Council is tasked with overseeing the fund's expenditures and ensuring accountability through annual reporting. Overall, the legislation aims to enhance the protection of the Highlands Region's natural resources while promoting sustainable agricultural practices and ensuring equitable distribution of resources across the state.

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