This bill aims to restrict the ownership of agricultural land in New Jersey by foreign governments and foreign persons. It prohibits any foreign entity from acquiring, purchasing, or obtaining any interest in agricultural land after the bill's effective date, with limited exceptions. Foreign governments or persons who already own agricultural land at the time the bill takes effect may retain their ownership for a maximum of five years, during which they must sell or convey their interest to a non-foreign entity, ensuring the land remains devoted to agricultural use. The bill also outlines specific conditions under which foreign entities may acquire agricultural land, such as through legal processes related to debt collection, but mandates that such land must be sold within two years to a non-foreign entity.

Additionally, the bill requires the Secretary of Agriculture to compile and report data annually on the ownership of agricultural land by foreign entities, including total acreage, percentage changes over the past decade, and the top nationalities of foreign owners. The bill includes provisions to ensure that any land acquired under the exceptions must be assessed with the understanding that it will remain in agricultural use. Furthermore, it clarifies that any inconsistent provisions with existing treaties between the U.S. and other countries will not apply to foreign governments or persons from those treaty countries.