This bill proposes significant changes to the allocation of Corporate Business Tax (CBT) revenues starting in Fiscal Year 2026, designating 62% 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 a newly created Preserve New Jersey Urban Agriculture and Horticulture Fund. It mandates a one-time deposit of $25 million into the Urban Agriculture and Horticulture Fund and amends existing legislation to clarify definitions related to agricultural and horticultural purposes. The bill also empowers the Garden State Preservation Trust and local governments to acquire urban lands for agricultural use, conduct annual funding reviews, and notify legislative committees of any recommended changes.

Additionally, the bill establishes the "Urban Agriculture and Horticulture Stewardship Grant Program" to provide grants for projects that enhance soil health and climate resiliency on trust-acquired lands. It outlines the trust's authority to acquire land through various means, develop eligibility criteria for landowners, and lease acquired land for agricultural use while ensuring municipalities retain tax revenue. The legislation modifies the process for counties and municipalities to impose annual levies for land acquisition and preservation, allowing for public hearings and amendments to propositions. Overall, the bill aims to promote urban agriculture and horticulture while enhancing land conservation and management efforts in New Jersey.

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