This bill aims to prohibit certain foreign governments and individuals from acquiring or holding interests in protected land located within 10 miles of military facilities in New Jersey. Specifically, it defines "foreign government" and "foreign person" to include those subject to U.S. sanctions and outlines the types of entities that fall under these definitions. The bill establishes that no foreign government or foreign person may obtain legal or beneficial interests in protected land after its effective date, with limited exceptions for those who already own such land, allowing them to retain ownership for a maximum of five years.

The bill also outlines specific exceptions to the prohibition, allowing foreign entities to acquire protected land through legal processes related to debt collection or foreclosure, provided they sell the land within two years to a non-foreign entity. Additionally, it clarifies that the provisions of the bill do not apply to land acquired through inheritance or bona fide encumbrances. Importantly, any provisions that conflict with existing treaties between the U.S. and other countries will not apply to foreign governments or persons from those treaty countries.