This bill requires the Garden State Preservation Trust (GSPT) to conduct a comprehensive audit of its land preservation programs, including Green Acres, Blue Acres, farmland preservation, and historic property preservation. The audit aims to provide a formal accounting of these programs, identify inefficiencies, and suggest potential reallocations of funds. The GSPT will also report its findings to the Governor and the Legislature and publish the report on its website. To support the audit, the bill appropriates $150,000 from the General Fund and mandates full cooperation from relevant state agencies in providing necessary information.

Additionally, the bill amends existing law to permit local governments and qualifying nonprofit organizations to use a portion of constitutionally dedicated corporation business tax (CBT) revenues for administrative expenses related to farmland preservation. Specifically, it allows these entities to allocate up to three percent of the value of development easements or fee simple titles for administrative costs. The bill also includes a provision that requires any uncommitted funds allocated to local governments from the Preserve New Jersey Farmland Preservation Fund to be returned after 18 months, ensuring that resources are effectively utilized within a specified timeframe.

Statutes affected:
Introduced: 13:8C-37, 13:8C-39, 13:8C-50