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 sourced from the Preserve New Jersey Farmland Preservation Fund, established under the Preserve New Jersey Act, which dedicates CBT revenues for open space, farmland, and historic preservation. Specifically, Oldmans Township in Salem County is identified as eligible for this funding, which includes a base grant of $500,000 and the potential to compete for an additional $1 million in competitive grant funding from previously appropriated sources.

The bill outlines that the maximum grant award for Oldmans Township could total $1.5 million, combining the base grant and competitive funds. The competitive grant funding is structured to include up to $500,000 from two prior appropriations (P.L.2019, c.450 and P.L.2020, c.139). The bill emphasizes that the expenditure of these funds will adhere to existing laws governing the SADC and farmland preservation efforts. The act is set to take effect immediately upon passage.