SB 786 - Currently, no more than 1% of the total agricultural acreage in the state can be owned by an alien or foreign business. This act prohibits an alien or foreign business from acquiring agricultural land in the state beginning August 28, 2024. Beginning August 28, 2024, all proposed transfers of any interest in agricultural land held by an alien or foreign business in the state shall be submitted to the Department of Agriculture to determine whether such transfers are conveyed in accordance with the prohibition on foreign ownership of agricultural land under the act.
This act is identical to SB 144 (2023), provisions in SCS/SBs 332 & 334, 541 & 144 (2023), SB 791 (2022), HB 1947 (2022), SB 243 (2021), HB 1136 (2021), HB 1492 (2020), substantially similar to a provision in CCS/SS/SCS/HCS/HB 903, 465, 430 & 499 (2023), similar to a provision in SB 9 (2023).
JULIA SHEVELEVA