Bill > S2788

This bill appropriates a total of $128.241 million to the State Agriculture Development Committee (SADC) for farmland preservation purposes from several dedicated funding sources. Specifically, $115.091 million comes from corporation business tax (CBT) revenues, with $7.702 million of that amount derived from interest earnings. The bill allocates funds to support farmland preservation through multiple mechanisms, including acquiring development easements, providing grants to counties and municipalities (up to 80% of farmland acquisition costs), and offering grants to qualifying non-profit organizations (up to 50% of farmland acquisition costs). An additional $13.15 million is appropriated for administrative expenses, including $12 million for organizational and administrative work, $1 million for easement acquisition costs like appraisals and surveys, and $150,000 for legal advice and enforcement of development easements. The bill requires that any farmland acquired in fee simple must be offered for resale or lease with agricultural deed restrictions approved by the SADC. The funding sources include multiple established preservation funds dating back to 1981, and the bill ensures that expenditures align with existing preservation laws and regulations. The appropriation aims to continue New Jersey's efforts to preserve agricultural land and support the state's farming communities.

Government Affairs

https://www.njleg.state.nj.us/bill-search/2024/S2788