This bill appropriates $34 million from constitutionally dedicated corporation business tax (CBT) revenues to the State Agriculture Development Committee (SADC) for planning incentive grants aimed at farmland preservation. The funding will cover up to 80 percent of the costs associated with acquiring development easements on farmland. The bill specifies that five counties will receive base grants of either $1 million or $500,000, while an additional ten counties will be eligible to compete for further grants from a competitive fund, with a maximum grant award of $8.5 million per county.

Additionally, the bill allocates funds from the General Fund to the Preserve New Jersey Farmland Preservation Fund to support these appropriations. The projects and allocations outlined in the bill have received prior approval from the SADC and the Garden State Preservation Trust, ensuring that the funding is directed towards eligible projects in designated agricultural development areas. The bill is set to take effect immediately upon passage.