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HS/HCS/SS/SB 138 - This act requires the Department of Economic Development to promote Missouri hardwood forest products and educate the public on the value and benefit of such products. This act creates the "Missouri Hardwood Forest Product Promotion Fund". Money in the fund shall be used to promote and educate about Missouri hardwood forest products. This act shall automatically sunset six years after the effective date of the act unless reauthorized by the General Assembly. This act modifies the definition of "foreign business" to include professional corporations, nonprofit corporations, limited liability companies, or the equivalent of any entity listed in the current law, in which a controlling interest is owned or organized under the laws of a foreign country, as described in the act. Currently, no more than 1% of the total agricultural acreage in the state can be owned by a foreign entity. This act prohibits a foreign entity from acquiring agricultural land in the state after the effective date of the act. After the effective date of the act, all proposed transfers of any interest in agricultural land held by a foreign entity in the state shall be submitted at least 30 calendar days prior to when such transfers are finalized to the Department of Agriculture to determine whether such transfers, or if land usage changes, are conveyed in accordance with the prohibition on foreign ownership of agricultural land in the state under this act. Such sale or transfer submitted for review to the Department shall be deemed a closed record until such sale is finalized. If the Director finds that a foreign entity has acquired agricultural land after the effective date of the act, Director shall report such violation to the Attorney General. This act creates a definition of "nonfarming", as described in the act, with respect to current provisions regarding foreign-owned agricultural land being used for nonfarming purposes. This act has an emergency clause for certain provisions. This act is identical to provisions in SCS/HCS/HBs 903, 465, 430 & 499 (2023), substantially similar to provisions in SCS/SBs 332, 334, 541 & 144 (2023), and is similar to SS/SB 138 (2023), SB 1159 (2022) and HB 2650 (2022). JULIA SHEVELEVA
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