Hollow point ammunition is perfectly legal in New Jersey. A person simply cannot carry with it for self defense off their own property:
http://www.njsp.org/about/fire_hollow.html
Provided certain conditions are met, a sportsman may transport and use hollow point ammunition. There are no restrictions preventing a sportsman from keeping such ammunition at his home.
N.J.S.A 2C:39-3f(1) limits the possession of hollow nose ammunition. However, there is a general exception that allows for the purchase of this ammunition but restricts the possession of it to specified locations. This exception provides that:
(2)
Nothing is sub section f (1) shall be construed to prevent a person from keeping such ammunition at his dwelling, premises or other land owned or possessed by him, or from carrying such ammunition from the place of purchase to said dwelling or land . . . [N.J.S.A 26:39-3g (2)].
Thus a person may purchase this ammunition and keep it within the confines of his property. Sub section f (1) further exempts from the prohibited possession of hollow nose ammunition "persons engaged in activities pursuant to N.J.S.A 2C:39-6f. . . ."
N.J.S.A 26:39-3f. (1).
Activities contained in N.J.S.A 26:39-6f. can be broken down as follows:
1.A member of a rifle or pistol club organized under rules of the National Board for the Promotion of Rifle Practice and which filed its charter with the State Police;
2.A person engaged in hunting or target practice with a firearm legal for hunting in this State;
3.A person going directly to a target range, and;
4.A person going directly to an authorized place for "practice, match, target, trap or skeet shooting exhibitions."