This bill amends the Preserve New Jersey Act to allocate $7.5 million annually from constitutionally dedicated Corporation Business Tax (CBT) revenues specifically for the preservation of land in the Highlands Region. The funding will be divided into two parts: $5 million will be drawn from the amount allocated to the Department of Environmental Protection (DEP) for recreation and conservation purposes, and $2.5 million will come from the funds allocated to the State Agriculture Development Committee (SADC) for farmland preservation. These funds will be deposited into a newly established Preserve New Jersey Highlands Preservation Fund, which will be managed by the Highlands Water Protection and Planning Council.

Additionally, the bill outlines the specific uses for the funds in the Preserve New Jersey Highlands Preservation Fund, including the acquisition of lands for recreation, conservation, and farmland preservation, as well as serving as a state match for federal funding under the Highlands Conservation Act. The bill also establishes guidelines for the allocation of funds, ensuring that they are used for projects that meet certain environmental and agricultural criteria, and mandates that any expenditures from the fund require legislative approval. Overall, this legislation aims to enhance the protection and preservation of the Highlands Region's natural resources and agricultural lands.

Statutes affected:
Introduced: 13:8C-47.1