This bill proposes significant changes to the allocation of Corporate Business Tax (CBT) revenues starting in Fiscal Year 2026, establishing a new funding structure that designates 62% to the Preserve New Jersey Green Acres Fund, 26% to the Preserve New Jersey Farmland Preservation Fund, 7% to the Preserve New Jersey Historic Preservation Fund, and 5% to the newly created Preserve New Jersey Urban Agriculture and Horticulture Fund. It mandates a $25 million deposit into the Urban Agriculture and Horticulture Fund on July 1 following the bill's effective date to support urban agricultural initiatives. The bill also clarifies definitions related to agricultural and horticultural purposes, allowing for land acquisition in urban areas, and requires the Garden State Preservation Trust to review funding allocations and recommend future appropriations.

Additionally, the bill enhances the powers of the Garden State Preservation Trust regarding land acquisition for agricultural and horticultural purposes in urban areas, allowing for various acquisition methods and establishing eligibility criteria for landowners. It introduces a competitive bidding process for leasing acquired land and creates the "Urban Agriculture and Horticulture Stewardship Grant Program" to support stewardship projects on preserved lands. The bill expands the purposes of municipal and county open space trust funds to include urban agriculture and horticulture, allowing for the creation of separate accounts within these funds. It also includes provisions for voter approval of levies related to these purposes and updates legal language to reflect these changes, ensuring that funds are utilized according to the newly defined objectives.

Statutes affected:
Introduced: 13:8C-47.1, 13:8C-45, 13:8C-6, 40:12-15.1, 40:12-15.2, 40:12-15.3, 40:12-15.4, 40:12-15.5, 40:12-15.6, 40:12-15.7, 40:12-15.8, 40:12-15.9, 40:12-16.1