SB 250 - The act modifies provisions relating to foreign ownership of agricultural land in Missouri.Under the act, no state department or agency shall implement any program which confers a state public benefit, as defined in the act, on or relating to any foreign-owned property.
The act repeals provisions relating to gifts received by institutions of higher education from foreign entities and how such gifts shall be reported as described in current law.
Under the act, a public institution of higher education shall not accept any gift from a foreign government or a foreign entity. This provision does not apply to tuition received by institutions of higher education from foreign students.
The act provides that no alien or foreign business shall build an electricity generating facility, as described in the act, on agricultural land owned by an alien or foreign business after August 28, 2025.
The 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 transfers of agricultural land are conveyed in accordance with the prohibition on foreign ownership of agricultural land under this act. Such sale or transfer submitted for review to the Department shall be deemed a closed record until the sale is finalized.
If the Director finds that a foreign entity has acquired agricultural land after the effective date of the act, instead of pursuant to the provisions under the current law, the 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.
This act identical SB 865 (2024), to provision in SB 806 (2024), a provision in HCS/HB 1957 (2024), has provisions substantially similar to CCS/SS/SCS/HCS/HBs 903, 465, 430 & 499 (2023), SCS/SBs 332, 334, SB 541 & SB 144 (2023), similar to provisions in SB 791 (2022), HB 1947 (2022), SB 243 (2021), HB 1136 (2021), HB 1492 (2020).
JULIA SHEVELEVA