This bill appropriates a total of $49.5 million from constitutionally dedicated corporation business tax (CBT) revenues to the New Jersey Department of Environmental Protection (DEP) for the acquisition of lands designated for recreation and conservation purposes. It specifically allocates $23.725 million from the Preserve New Jersey Green Acres Fund for various projects, including Blue Acres initiatives, which focus on acquiring lands damaged by storms or at risk of flooding. Additionally, the bill designates $2.05 million for administrative costs associated with the implementation of the Preserve New Jersey Act, ensuring that at least 10 percent of the allocated funds are directed towards Blue Acres projects.

The bill streamlines the funding allocation process by stipulating that the expenditure of these funds for the listed projects will not require the approval of the Joint Budget Oversight Committee. It also allows for the reappropriation of unexpended balances from previous appropriations for state projects related to recreation and conservation, enabling the DEP to provide additional funding to previously approved projects, subject to the Joint Budget Oversight Committee's approval. This approach aims to maximize the use of available funds for ongoing conservation and recreation efforts throughout New Jersey, enhancing the state's natural landscapes and recreational areas.