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 that already own agricultural land will be allowed to retain their interests for a maximum of five years, after which they must sell or convey their ownership to a non-foreign entity, ensuring the land remains devoted to agricultural use through a deed of easement. The bill also outlines specific circumstances under which foreign entities may acquire agricultural land, such as through debt collection processes, but mandates that such land must also be sold to non-foreign entities within two years.

Additionally, the bill requires the Secretary of Agriculture to compile and report data annually on the ownership of agricultural land by foreign entities, including total acreage, percentage changes over the past decade, and the top nationalities of foreign owners. The bill includes provisions to ensure that any inconsistencies with existing treaties between the U.S. and other countries do not apply to foreign governments or persons from those treaty countries. Overall, the legislation seeks to safeguard agricultural land in New Jersey from foreign ownership while allowing for certain exceptions and ensuring transparency through reporting requirements.