This bill aims to prohibit certain foreign governments and individuals from acquiring any legal or beneficial interest 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. The bill allows foreign entities that already own such protected land to retain their interests for a maximum of five years after the bill's effective date, after which they must sell or convey their interests to non-foreign entities.

The legislation includes limited exceptions to this prohibition, allowing foreign governments or persons to acquire protected land through legal processes related to debt collection or foreclosure, provided they sell the land within two years of acquisition. Additionally, the bill does not apply to land acquired through inheritance or bona fide encumbrances for security purposes. It also clarifies that any provisions inconsistent with U.S. treaties will not apply to foreign governments or persons from treaty-partner countries.