This bill proposes significant changes to the allocation of Corporate Business Tax (CBT) revenues starting in Fiscal Year 2026, establishing a new funding structure that designates 62% of the funds to the Preserve New Jersey Green Acres Fund, 26% to the Preserve New Jersey Farmland Preservation Fund, 7% to the Preserve New Jersey Historic Preservation Fund, and 5% to the newly created Preserve New Jersey Urban Agriculture and Horticulture Fund. It mandates an initial deposit of $25 million into the Urban Agriculture and Horticulture Fund to support urban agricultural initiatives. The bill also clarifies definitions related to agricultural and horticultural purposes, allowing for land acquisition in urban areas, and emphasizes public input in funding allocations, requiring legislative authorization for any reallocation of funds.

Additionally, the bill enhances the powers of the Garden State Preservation Trust, allowing it to acquire land for agricultural and horticultural purposes in urban areas through various means, including fee simple titles and development easements. It establishes the "Urban Agriculture and Horticulture Stewardship Grant Program" to provide grants for projects aimed at improving soil health and climate resiliency. The bill expands the permissible uses of annual levies by county and municipal governing bodies to include urban agriculture and horticulture, creating a new "County Open Space, Recreation, Floodplain Protection, Urban Agriculture and Horticulture, and Farmland and Historic Preservation Trust Fund." It modifies the process for submitting propositions to voters regarding these levies, ensuring transparency and accountability in the allocation of funds while promoting sustainable agricultural practices in urban settings.

Statutes affected:
Introduced: 13:8C-47.1, 13:8C-45, 13:8C-6, 40:12-15.1, 40:12-15.2, 40:12-15.3, 40:12-15.4, 40:12-15.5, 40:12-15.6, 40:12-15.7, 40:12-15.8, 40:12-15.9, 40:12-16.1