Allocates $7.5 million annually of constitutionally dedicated CBT revenue for preservation of land in Highlands Region.

This bill allocates $7.5 million annually from constitutionally dedicated Corporation Business Tax (CBT) revenue to preserve land in New Jersey's Highlands Region. The funds will be deposited into a new "Preserve New Jersey Highlands Preservation Fund" managed by the Highlands Water Protection and Planning Council, with $2.5 million allocated each year for recreation/conservation lands, $2.5 million for development credits, and $2.5 million for farmland preservation. Priority for funding will be given to lands in special environmental zones, conservation priority areas, and lands that connect to existing preserved lands. The bill specifies that funds cannot be used for land requiring condemnation, contaminated land, or land already preserved.