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 existing constitutionally dedicated CBT revenue to create a new "Preserve New Jersey Highlands Preservation Fund." The funds will be used by the Highlands Water Protection and Planning Council to acquire land in the Highlands Region for recreation, conservation, farmland preservation, and as a state match for federal conservation grants. Specifically, $5 million comes from the Green Acres Fund and $2.5 million from the Farmland Preservation Fund. The bill establishes clear spending rules, requiring project-specific appropriations and annual reporting on land preserved and federal funds leveraged.