SB 9 - This act modifies provisions relating to foreign ownership of real estate, including agricultural land. Currently, aliens and foreign businesses are capable of acquiring, by grant, purchase, devise, or descent, real estate in this state. This act provides that beginning August 28, 2023, no alien or foreign business shall acquire real estate, except that those persons that have acquired real estate prior to August 28, 2023, shall continue to own and hold the acquired real estate, but shall not grant, sell, or otherwise transfer on or after August 28, 2023, to any other alien or foreign business.
Under current law, no more than 1% of the total aggregate agricultural acreage in the state can be owned by an alien or foreign business. This act prevents any alien or foreign business from acquiring agricultural land in the state beginning August 28, 2023.
Beginning August 28, 2023, all proposed transfers of any interest in agricultural land held by any alien or foreign business in the state shall be submitted to the Department of Agriculture to determine whether such transfer of agricultural land is conveyed in accordance with the prohibition on alien and foreign ownership of agricultural land under the act.
This act is similar to 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) SB 791 (2022), HB 1947 (2022), SB 243 (2021), HB 1136 (2021), HB 1492 (2020).
JULIA SHEVELEVA