This bill proposes significant changes to the allocation of constitutionally dedicated Corporation Business Tax (CBT) revenues starting in Fiscal Year 2026. It designates 62% of these 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 introduces a new Preserve New Jersey Urban Agriculture and Horticulture Fund, which will receive 5% of the revenues. Additionally, a one-time deposit of $25 million will be made into the Urban Agriculture and Horticulture Fund for specific agricultural and horticultural purposes. The bill also clarifies definitions and expands the scope of eligible projects, allowing the Garden State Preservation Trust and local governments to acquire urban lands for agricultural and horticultural uses.

Moreover, the bill enhances the powers of the Garden State Preservation Trust regarding land acquisition and management for urban agriculture and horticulture. It establishes the Urban Agriculture and Horticulture Stewardship Grant Program to support projects that improve soil health and climate resiliency. The bill also creates a new trust fund for managing funds raised through annual levies by counties and municipalities, which can now be used for urban agricultural purposes. It outlines the process for local governments to propose funding measures to voters and ensures that existing funds are transferred to the new trust fund for authorized uses. Overall, the bill aims to promote urban agriculture and horticulture initiatives while ensuring transparency and accountability in the management of these resources.

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