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 opportunity to compete for an additional grant from the SADC's competitive grant fund.

The competitive grant could provide up to $1 million, with $500,000 available from funds appropriated under previous legislation (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 through both the base and competitive grants. The bill emphasizes that the allocations and projects have been approved by the SADC and the Garden State Preservation Trust, ensuring that the funds will be used effectively for farmland preservation initiatives.