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" as entities subject to U.S. sanctions or individuals who are not U.S. citizens or legal residents. The bill establishes that no foreign government or foreign person may obtain legal or beneficial interests in protected land after its effective date, with limited exceptions for those who already own such land, allowing them to retain ownership for a maximum of five years.

During this five-year period, foreign owners must sell or convey their interests in the protected land to non-foreign entities. The bill also outlines exceptions for acquiring protected land through legal processes related to debt collection or by inheritance, provided that any land acquired under these circumstances must also be sold within two years to a compliant entity. Additionally, the bill clarifies that its provisions will not apply if they conflict with existing treaties between the U.S. and other countries.