The Republican-controlled Joint Committee on Finance voted 12 to four to require the agency to sell $20 million of land in 2004 and $20 million of land again in 2005.
The money would go into the state's budget stabilization fund. Any sales would be subject to committee approval.
Conservation groups are critical of the proposal, saying it's a mistake to give up some of the state's protected lands to balance the budget.
The committee also voted to reduce the state's credit limit for buying land.