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S 2788

Appropriates $128.241 million from constitutionally dedicated CBT revenues to State Agriculture Development Committee for farmland preservation purposes.

2024-2025 Regular Session Introduced by Nilsa Cruz-Perez and 7 co-sponsors

Allocates $128.241M to SADC to buy farmland easements or fee-simple titles, with grants up to 80% for counties/municipalities and 50% for nonprofits to preserve NJ farmland.

Approved P.L.2025, c.63.
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Bill Summary · S 2788

Summary — S-2788 (P.L.2025, c.63)

Status: Approved P.L.2025, c.63 (enacted June 30, 2025). Effective immediately.

Purpose

Provide funding to the State Agriculture Development Committee (SADC) for farmland preservation — including purchases of development easements and fee‑simple acquisition of farmland, and grants to local governments and qualifying non‑profits to preserve agricultural land.

Key provisions and dollar amounts

  • Total appropriation: $128.241 million for farmland preservation purposes.
  • Section 1(a): $115,091,000 appropriated to the SADC from constitutionally dedicated corporation business tax (CBT) revenues in the Preserve New Jersey Farmland Preservation Fund. This amount may be used to:
    • Acquire development easements or fee‑simple titles to farmland;
    • Provide grants to counties and municipalities for up to 80% of the cost of acquiring fee‑simple farmland titles; and
    • Provide grants to qualifying tax‑exempt nonprofit organizations for up to 50% of the cost of acquiring fee‑simple farmland titles.
    • Note: $7,702,000 of this sum is attributable to interest earnings on the dedicated CBT revenues.
  • Section 2: Additional appropriations to the SADC from the Preserve New Jersey Farmland Preservation Fund and a range of prior farmland/open‑space bond or preservation funds (1992, 1995, 1999, 2007, 2009, etc.), and from any proceeds available by lease or conveyance of land or easements previously acquired by the SADC, to finance acquisition of easements and fee‑simple titles.
  • Section 3: $13,150,000 appropriated from the Preserve New Jersey Farmland Preservation Fund to SADC, allocated as:
    • $12,000,000 for organizational, administrative, and other operational needs to administer the Preserve New Jersey Act;
    • $1,000,000 for acquisition‑related costs (appraisals, surveys, title work); and
    • $150,000 for legal services related to enforcement of acquired development easements.
  • Section 4: $120,539,000 is appropriated from the General Fund to the Preserve New Jersey Farmland Preservation Fund to implement the act.
  • Expenditure of funds is subject to the provisions and conditions of the Preserve New Jersey Act and other cited laws governing farmland and open‑space preservation.

Requirements/conditions

  • Any farmland bought in fee simple with these monies must be offered for resale or lease with agricultural deed restrictions approved by the SADC.
  • Funding is limited to projects approved as eligible under existing statutes (Agricultural Retention and Development Act; Garden State Preservation Trust Act; Preserve New Jersey Act; and prior bond act authorities).

Who is affected

  • State Agriculture Development Committee (primary recipient/implementer).
  • Farmers and landowners participating in easement or sale transactions.
  • Counties and municipalities (eligible for up to 80% grants for fee‑simple purchases).
  • Qualifying tax‑exempt nonprofit organizations (eligible for up to 50% grants).
  • The Preserve New Jersey Farmland Preservation Fund and related bond-derived preservation funds (funding sources).

Legislative/procedural timeline

  • Introduced in the Legislature (2024); reported and amended in committee; received a conditional veto by the Governor (Dec. 12, 2024) and subsequently concurrence actions; final approval as P.L.2025, c.63 on June 30, 2025. The act took effect immediately upon approval.

This law allocates constitutionally dedicated CBT revenues and other preservation fund proceeds to accelerate and support farmland preservation activity statewide while providing for SADC administration, transaction costs, and legal enforcement of protections.

Compiled from official sources — confirm details with the bill’s official record.

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