This bill aims to prohibit certain foreign governments and individuals from acquiring or holding interests in protected land located within 10 miles of military facilities in New Jersey. Specifically, it defines "foreign government" and "foreign person" to include entities subject to U.S. sanctions and outlines the types of land considered protected. The bill establishes that no foreign government or foreign person may obtain legal or beneficial interests in such land after its effective date, with limited exceptions for those already holding interests, who may retain ownership for a maximum of five years.

Additionally, the bill allows for certain exceptions where foreign entities may acquire protected land through legal processes related to debt collection or foreclosure, but they must sell the land within two years of acquisition. It also clarifies that the provisions of the bill do not apply if they conflict with existing treaties between the U.S. and other countries. Overall, the legislation seeks to enhance national security by restricting foreign ownership of land near military installations.