This bill proposes a reallocation of Corporate Business Tax (CBT) revenues for Fiscal Year 2026 and beyond, 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 a newly created Preserve New Jersey Urban Agriculture and Horticulture Fund. It mandates an initial deposit of $25 million into the Urban Agriculture and Horticulture Fund 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, ensuring legislative authorization for any changes.

Additionally, the bill enhances the powers of the Garden State Preservation Trust regarding land acquisition for agricultural and horticultural purposes, particularly in urban settings. It allows the Trust to acquire land through various means and establishes the "Urban Agriculture and Horticulture Stewardship Grant Program" for stewardship projects. The bill expands the list of authorized purposes for annual levies by counties and municipalities to include urban agriculture and horticulture, creating a new trust fund for these purposes. It also introduces provisions for voter participation in levy propositions and mandates public hearings for fund expenditures, aiming to increase transparency and community involvement in land use decisions while broadening the scope of funded projects.

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