This bill amends Section 37 of P.L.1999, c.152 to increase the allowable cost-share grant percentage for nonprofit organizations acquiring development easements or fee simple titles on farmland from 50 percent to 80 percent. Previously, the State Agriculture Development Committee (SADC) provided up to 80 percent of the costs for local government units but only 50 percent for qualifying tax-exempt nonprofit organizations. The new legislation aims to equalize the grant percentage for both entities, thereby enhancing support for nonprofit organizations involved in farmland preservation.

Additionally, the bill stipulates that any farmland acquired through fee simple title must be resold or leased with agricultural deed restrictions, as determined by the SADC. This ensures that the land remains dedicated to agricultural use, aligning with the overall goals of the Garden State Farmland Preservation Trust Fund. The act is set to take effect immediately upon passage.

Statutes affected:
Introduced: 13:8C-37