This bill requires the Garden State Preservation Trust (GSPT) to conduct a comprehensive audit of its land preservation programs, including Green Acres, Blue Acres, farmland preservation, and historic property preservation. The audit aims to provide a formal accounting of these programs, identify inefficiencies, and suggest potential reallocations of funds. It mandates cooperation from various state agencies to provide necessary information and requires the GSPT to publish the audit report on its website and submit it to the Governor and Legislature. Additionally, the bill appropriates $150,000 from the General Fund to support the audit's implementation.

Moreover, the bill amends existing law to permit local governments and qualifying nonprofit organizations to use a portion of constitutionally dedicated corporation business tax (CBT) revenues for administrative expenses related to farmland preservation. Specifically, it allows these entities to allocate up to three percent of the value of development easements or fee simple titles for administrative costs. The bill also stipulates that any uncommitted funds allocated to local governments from the Preserve New Jersey Farmland Preservation Fund after 18 months must be returned to the fund.

Statutes affected:
Introduced: 13:8C-37, 13:8C-39, 13:8C-50