This bill appropriates a total of $3,750,990 from constitutionally dedicated corporation business tax (CBT) revenues to the State Agriculture Development Committee (SADC) for farmland preservation initiatives. The funds are designated for grants to qualifying tax-exempt nonprofit organizations, specifically the Land Conservancy of New Jersey, to cover up to 50 percent of the costs associated with acquiring development easements on farmland or fee simple titles for resale or lease, with agricultural deed restrictions approved by the SADC. The funding is sourced from the Preserve New Jersey Farmland Preservation Fund, which was established under the Preserve New Jersey Act, and includes $3,561,350 made available through the reallocation of previously appropriated funds.

Additionally, the bill specifies that $591,700 of the total appropriation will be allocated to the Land Conservancy of New Jersey for projects at three farms that were previously funded in fiscal year 2024. The bill emphasizes that the expenditure of these funds is subject to existing laws related to farmland preservation. The allocations and projects have received approval from both the SADC and the Garden State Preservation Trust, ensuring that the funds will be utilized effectively for the intended purpose of preserving farmland in New Jersey.