This bill appropriates $10,000,000 from constitutionally dedicated corporation business tax (CBT) revenues to the State Agriculture Development Committee (SADC) for municipal planning incentive grants aimed at farmland preservation. The funding is sourced from the Preserve New Jersey Farmland Preservation Fund, which was established under the Preserve New Jersey Act. The bill specifies that 46 municipalities are eligible for these grants, with each municipality able to receive a maximum award of $2,000,000.

The bill outlines that the expenditure of the appropriated funds will adhere to the provisions and conditions set forth in various existing laws related to farmland preservation. This initiative is part of a broader effort to utilize dedicated CBT revenues for open space, farmland, and historic preservation, as approved by voters in November 2014. The act is set to take effect immediately upon passage.