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 used in State-funded land acquisitions in the Highlands Region from June 30, 2024, to June 30, 2029, ensuring that land values are assessed fairly during negotiations. Furthermore, it mandates that funds from the "Highlands Protection Fund" be distributed to municipalities within the Highlands Region that do not receive watershed moratorium offset aid but host watershed lands.

In addition to funding allocations, the bill emphasizes the importance of geographic diversity in fund distribution and prioritizes acquisitions that protect water resources and flood-prone areas. It includes provisions to permanently retire pinelands development credits associated with acquired lands and requires the Department of Environmental Protection to consult with the Highlands Water Protection and Planning Council on land preservation strategies. The bill also clarifies definitions related to agricultural deed restrictions and conservation easements, ensuring that these are recorded with the county clerk. Overall, the legislation aims to enhance land conservation efforts, ensure fair valuation, and provide financial support to local municipalities while maintaining transparency and accountability in the use of public funds for environmental preservation.

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