This bill appropriates $34 million from constitutionally dedicated corporation business tax (CBT) revenues to the State Agriculture Development Committee (SADC) for the purpose of providing planning incentive grants to counties aimed at farmland preservation. The funding will cover up to 80 percent of the costs associated with acquiring development easements on farmland. The bill specifies that five counties will receive a base grant of either $1 million or $500,000, while an additional ten counties will be eligible to compete for grants from a competitive fund, with a maximum grant award of $7.5 million. The total maximum grant a county could receive, including the base grant, is capped at $8.5 million.

Additionally, the bill appropriates funds from the General Fund to the Preserve New Jersey Farmland Preservation Fund to ensure the implementation of these provisions. The allocations and projects outlined in the bill have received prior approval from the SADC and the Garden State Preservation Trust, ensuring that the funds will be utilized effectively for the intended purpose of farmland preservation.