SB 924 - The act modifies provisions relating to foreign ownership of real estate, including agricultural land. Under the act, beginning August 28, 2024, aliens and foreign businesses shall not be able to acquire commercial real estate, including agricultural land, in Missouri, except aliens and foreign businesses who acquired commercial real estate and agricultural land in the state prior to August 28, 2024. Such aliens and foreign businesses shall not transfer commercial real estate and agricultural land to any other alien or foreign business on or after August 28, 2024.
The act repeals the provision stating that aliens and foreign businesses shall be able to acquire agricultural land in the state if the total foreign-owned agricultural acreage does not exceed 1% of the total agricultural land in the state; and such transfers shall be submitted to the Director of the Department of Agriculture for review.
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 transfer of agricultural land is conveyed in accordance with the prohibition on alien and foreign ownership of agricultural land under the act.
The act repeals the provision allowing foreign ownership of agricultural land for nonfarming purposes.
The act is similar to provisions in SB 9 (2023), SCS/SBs 332 & 334, 541 & 144 (2023), SB 791 (2022), HB 1947 (2022), SB 243 (2021), HB 1136 (2021), HB 1492 (2020), 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