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 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 outlines specific conditions under which foreign ownership may continue, such as through legal processes related to debt collection or inheritance.

Additionally, the bill mandates the Secretary of Agriculture to compile and report data annually on the acreage of agricultural land owned by foreign entities, including changes over the past decade and the nationalities of these owners. It also stipulates that any land acquired by foreign entities through debt-related processes must be sold within two years, with the same requirement for agricultural use attached to the deed. The bill includes provisions to ensure compliance with existing treaties and requires cooperation from various state and local agencies in gathering the necessary data for reporting.