This bill appropriates $500,000 from constitutionally dedicated corporation business tax (CBT) revenues to the State Agriculture Development Committee (SADC) for municipal planning incentive grants aimed at farmland preservation. The funding is part of the Preserve New Jersey Farmland Preservation Fund, established under the Preserve New Jersey Act, and is intended to support municipalities in their efforts to preserve farmland through a grant program established by previous legislation.

Specifically, Oldmans Township in Salem County is designated as eligible for this funding, which includes a base grant of $500,000. Additionally, the township can compete for up to $1 million in further competitive grant funding, with $500,000 available from previous appropriations under P.L.2019, c.450 and P.L.2020, c.139. This means that Oldmans Township could potentially receive a total of $1.5 million in funding for its farmland preservation initiatives. The bill emphasizes the importance of these funds in supporting local efforts to maintain agricultural land and has been approved by the SADC and the Garden State Preservation Trust.