The bill would change rules for reporting foreign investment in U.S. agricultural land. It would remove the current limit on civil penalties and set a penalty for a foreign-owned shell corporation at 100% of the fair market value of the land interest involved in a violation. A shell corporation would not face that penalty if it corrects a defective or missing filing within 60 days after notice.
The bill would require the Secretary of Agriculture to audit at least 10% of reports each year and provide annual training to state and county personnel to help identify agricultural land with missing reports. It would also require research and annual reports to Congress about foreign agricultural leases, shell-company purchases of farmland, and foreign ownership or participation in agricultural production and economic activity.
Foreign persons and foreign-owned entities with interests in agricultural land may be affected by reporting rules and penalties. State and county personnel would receive training to help identify land for which a report is required but was not filed. The bill does not describe other direct effects on the public.
The bill would authorize $2 million for each fiscal year from 2025 through 2030 to carry out the law. This is an authorization, not a statement that the money has been spent.
No publicly available information.
No publicly available information.