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 or legal residents. 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, during which they must sell or convey their interests to non-foreign entities.

The legislation includes exceptions that permit foreign governments or persons to acquire protected land under specific legal circumstances, such as debt collection or foreclosure processes, but mandates that they must sell the land within two years of acquisition. Additionally, the bill clarifies that it does not apply to land acquired through inheritance or legitimate security encumbrances. Importantly, any provisions that conflict with existing treaties between the U.S. and other countries will not be enforced against those foreign entities.