State of New Jersey

Notwithstanding any law, rule, or regulation to the 21 contrary, no foreign government or foreign person shall acquire, 22 purchase, or otherwise obtain a legal, beneficial, or other interest in 23 any agricultural or horticultural land or agricultural woodlands in 24 the State on or after the effective date of this act. 25 b. [...] Any foreign government or foreign person owning or holding 26 an interest in agricultural or horticultural land or agricultural 27 woodlands in the State upon the effective date of this act may 28 continue to own or hold an interest therein for a maximum of five 29 years after the effective date of this act, and shall not acquire, 30 purchase, or otherwise obtain an interest in, any othe [...] The land or interest therein shall be sold 3 or conveyed to an individual, trust, corporation, partnership, or 4 other business entity that is not a foreign government or foreign 5 person subject to the provisions of this act. 6 d. [...] (1) Agricultural or horticultural land or agricultural 7 woodlands acquired by a foreign government or foreign person on 8 or after the effective date of this act, pursuant to the exception 9 established in paragraph (1) of subsection b. [...] of this section, shall be 10 sold or conveyed, by the foreign owner thereof, within two years 11 after title to the land is transferred thereto. [...] 16 (2) Whenever a land assessment valuation is undertaken in 17 association with a foreign government or person’s acquisition of 18 agricultural or horticultural land and agricultural woodlands, 19 pursuant to paragraph (1) of subsection b. [...] 23 (3) Land sold or conveyed pursuant to this subsection shall be 24 sold or conveyed to an individual, trust, corporation, partnership, or 25 other business entity that is not a foreign government or foreign 26 person subject to the provisions of this act. 27 e. [...] of this section shall not apply to agricultural or 33 horticultural land or agricultural woodlands acquired by a foreign 34 government or foreign person, pursuant to paragraph (2) of 35 subsection b. [...] Any provision of this section that is inconsistent with, or in 42 violation of, any treaty between the United States and another 43 country shall not apply to the foreign government or a foreign 44 person of the country that is party to such treaty. 45 46 3. a. [...] 38 The bill would permit a foreign government or foreign person 39 that already owns or holds an interest in agricultural or horticultural 40 land or agricultural woodlands in the State, on the bill’s effective 41 date, to continue to own or hold the interest in such land for a 42 maximum of five years thereafter.