Authorizes use of certain constitutionally dedicated CBT revenues for grants for prevention and remediation of harmful algal blooms.

This bill directs a portion of New Jersey's constitutionally dedicated Corporation Business Tax revenues to a fund that will provide grants for preventing and addressing harmful algal blooms in the state's lakes and reservoirs. The legislation amends existing laws to establish a revolving fund within the Department of Environmental Protection, allowing it to distribute money to local governments for sewer or stormwater infrastructure projects that reduce nonpoint source pollution. These grants can serve as matching funds to secure additional state or federal funding, and the bill also expands the fund's broader purposes to include water quality monitoring, watershed planning, and pollution prevention efforts. The measure affects local municipalities and environmental agencies by creating a new funding mechanism specifically targeted at water quality issues related to algal blooms.