This bill appropriates $34 million from constitutionally dedicated corporation business tax (CBT) revenues to the State Agriculture Development Committee (SADC) for the purpose of providing planning incentive grants to counties aimed at farmland preservation. The funding will cover up to 80 percent of the costs associated with acquiring development easements on farmland. The bill establishes a competitive grant fund, allowing eligible counties to apply for additional funding, with a maximum grant award of $8.5 million per county, which includes a base grant and competitive grant funding.

Additionally, the bill allocates $34 million from the General Fund to the Preserve New Jersey Farmland Preservation Fund to support these appropriations. The funding is part of the broader implementation of the Preserve New Jersey Act, which dedicates CBT revenues for open space, farmland, and historic preservation. The SADC and the Garden State Preservation Trust have already approved the allocations and projects outlined in the bill, ensuring that the funds will be directed towards eligible projects in designated agricultural development areas.