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Tax on Foreign Acquisition of US Agricultural Land

New rules impose a high tax on the acquisition of U.S. agricultural land by individuals and entities from countries deemed a threat to U.S. security. This aims to protect national security and food resources by limiting foreign influence over critical economic sectors.
Key points
Imposition of a 60% tax on the acquisition of U.S. agricultural land by individuals and entities from 'countries of concern'.
Definition of 'countries of concern' includes China, Russia, Iran, North Korea, Cuba, and Venezuela.
Mandatory reporting of such transactions to the tax authorities, with penalties for non-compliance.
The goal is to limit foreign influence on U.S. agriculture and food security.
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Additional Information
Print number: 118_HR_3996
Sponsor: Rep. Van Duyne, Beth [R-TX-24]
Process start date: 2023-06-09
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

To amend the Internal Revenue Code of 1986 to impose a tax on the acquisition of United States agricultural interests by disqualified persons.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_3996.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-06-09.

What are the main provisions?

Key points include:

  • Imposition of a 60% tax on the acquisition of U.S. agricultural land by individuals and entities from 'countries of concern'.
  • Definition of 'countries of concern' includes China, Russia, Iran, North Korea, Cuba, and Venezuela.
  • Mandatory reporting of such transactions to the tax authorities, with penalties for non-compliance.
  • The goal is to limit foreign influence on U.S. agriculture and food security.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Van Duyne, Beth [R-TX-24].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Taxes Agriculture Security