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 legal or beneficial interest in agricultural land after the bill's effective date, with certain exceptions. Foreign governments or persons who already own agricultural land at the time the bill takes effect may retain their interest for a maximum of five years, during which they must sell or convey their ownership to a non-foreign entity, ensuring the land remains devoted to agricultural use. The bill also outlines specific conditions under which foreign entities may acquire agricultural land, such as through debt collection processes, and mandates that any land acquired under these exceptions must also be sold to a non-foreign entity 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 United States 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 limited exceptions and ensuring transparency through reporting requirements.