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, allowing for a more favorable valuation process for landowners. Additionally, it mandates that the Department of Environmental Protection conduct appraisals using the higher value between current zoning and historical zoning for negotiations.

Furthermore, the bill emphasizes the importance of geographic diversity in fund allocation and requires the distribution of funds to municipalities within the Highlands Region that do not receive watershed moratorium offset aid but host watershed lands. The State Treasurer is tasked with including the necessary funds in its annual budget request to ensure these municipalities receive appropriate financial support. The legislation aims to enhance the protection of vital resources in the Highlands Region, which is essential for the drinking water supply and recreational activities for New Jersey residents, while also prioritizing land acquisitions that protect water resources and flood-prone areas.

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