This bill requires the Garden State Preservation Trust (GSPT) to perform 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, identify inefficiencies, and recommend potential reallocations of funds. The GSPT is also mandated to collaborate with various state agencies for necessary information and to report its findings to the Governor and the Legislature, as well as publish the report on its website. To support the audit, the bill appropriates $150,000 from the General Fund.

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 such expenses. 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.

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