Stricter Penalties and Audits for Undisclosed Foreign Ownership of Farmland
This Act significantly increases financial penalties for foreign entities, particularly shell corporations, that fail to disclose their ownership of U.S. agricultural land. It mandates annual audits and training for officials to better track who is purchasing farmland. The goal is to enhance transparency, protect domestic food security, and assess the impact on family farms.
Key points
Severe Penalties: Shell corporations failing to report farmland purchases face fines equal to 100% of the land's fair market value.
Increased Oversight: Federal authorities must conduct annual compliance audits of at least 10% of foreign investment reports.
Research Mandate: The government must study how foreign leasing and purchases affect family farms, rural communities, and the domestic food supply.
Status:
Expired
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