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 along with a one-time deposit of $25 million. The bill also clarifies the definitions and powers of the Garden State Preservation Trust, allowing it to acquire land for agricultural or horticultural purposes in urban areas and establishing a process for funding allocation reviews that require legislative approval.

Additionally, the bill enhances the powers of the Garden State Preservation Trust regarding land acquisition and management for urban agriculture and horticulture. It introduces the "Urban Agriculture and Horticulture Stewardship Grant Program" to support stewardship projects and expands the authorized purposes for county and municipal levies to include urban agricultural initiatives. The legislation also revises the names of existing trust funds to reflect these new purposes and outlines the process for local governments to seek voter approval for levies, ensuring that funds raised are used exclusively for the authorized purposes. Overall, the bill aims to promote sustainable agricultural practices in urban settings while providing necessary funding and administrative support.

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