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 further grants from a competitive fund, with a maximum potential grant award of $8.5 million per county.

Additionally, the bill includes an appropriation from the General Fund to the Preserve New Jersey Farmland Preservation Fund to support the financial requirements outlined in the legislation. The allocations and projects proposed 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.