Changes certain allocations and amounts of constitutionally dedicated CBT revenues for Fiscal Year 2026 and thereafter; authorizes Garden State Preservation Trust and local governments to acquire lands in urban areas for agricultural or horticultural purposes.

This bill allocates 5% of constitutionally dedicated Corporation Business Tax revenues to a new Urban Agriculture and Horticulture Fund starting in fiscal year 2026, with $25 million to be deposited immediately. It authorizes the Garden State Preservation Trust to acquire urban land for farming and gardening purposes, prioritizing small parcels, and lease this land for agricultural use through a competitive bidding process. The bill also establishes a grant program to support activities that improve soil health and climate resiliency on acquired urban farmland. Additionally, it expands existing county and municipal trust funds to specifically include urban agriculture and horticulture as a purpose for land acquisition.