New Jersey Assembly Bill A5383

New Jersey 2022-2023 Regular Session

• Introduced: 5/8/23
• Refer: 5/8/23

Caption

Bans foreign ownership of agricultural or horticultural land and agricultural woodlands in State.

Impact

The bill is significant as it primarily affects current and future ownership of vast agricultural resources, compelling foreign holders to divest their interests within a five-year period. Through this measure, New Jersey's local agricultural economy may be safeguarded against external acquisitions that could lead to changes in land use, impacting local farming practices and the economy tied to those farming operations.

Summary

Assembly Bill A5383 aims to prohibit foreign governments and foreign persons from acquiring legal interests in agricultural or horticultural land and agricultural woodlands in New Jersey. The legislation defines agricultural or horticultural land broadly, encompassing areas actively engaged in such uses, those zoned accordingly, and those under agricultural deed restrictions. The bill seeks to prevent foreign influence over local agricultural resources by limiting ownership to entities that are not classified as foreign, thereby hoping to maintain a controlled agricultural supply within the state.

Contention

Debates surrounding A5383 likely center on its potential implications for foreign investments in local agriculture and the legal definitions set forth regarding who constitutes a foreign entity. Questions may arise regarding its compatibility with existing international treaties and its potential to discourage beneficial foreign investment within the agricultural sector. The bill also faces scrutiny in terms of its execution, especially the stipulation that foreign owners must divest their properties within a specified time frame.