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, identify inefficiencies, and suggest potential reallocations of funds, with full cooperation from relevant state agencies. The GSPT must report its findings to the Governor and the Legislature and publish the report on its website. Additionally, the bill appropriates $150,000 from the General Fund to support the audit's implementation.

The bill also 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. Furthermore, any funds allocated to local governments from the Preserve New Jersey Farmland Preservation Fund that remain uncommitted after 18 months must be returned to the fund, ensuring effective use of resources within a specified timeframe.

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