This bill appropriates $34 million from constitutionally dedicated corporation business tax (CBT) revenues to the State Agriculture Development Committee (SADC) for planning incentive grants aimed at farmland preservation. The funding will cover up to 80 percent of the costs associated with acquiring development easements on farmland. The bill establishes a competitive grant fund, allowing eligible counties to apply for additional funding, with a maximum grant award of $8.5 million per county, which includes a base grant and competitive grant funding.

Additionally, the bill allocates $34 million from the General Fund to the Preserve New Jersey Farmland Preservation Fund to support these appropriations. The funding and projects outlined in the bill have received prior approval from the SADC and the Garden State Preservation Trust, ensuring that the initiatives align with existing farmland preservation efforts in New Jersey. The act is set to take effect immediately upon passage.