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 certain exceptions. Foreign governments or persons who already own agricultural land at the time the bill takes effect may retain ownership for a maximum of five years, during which they must sell or convey their interest 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 legal processes related to debt collection, 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 nationalities of foreign owners. It also stipulates that any provisions inconsistent with U.S. treaties will not apply to foreign governments or persons from treaty-partner countries. Overall, the legislation seeks to safeguard local agricultural interests by limiting foreign ownership and ensuring transparency in land ownership data.