This bill would create a new 60 percent federal tax on acquisitions of U.S. agricultural land by citizens, entities, or governments from countries deemed threats to national security, including China, Russia, Iran, North Korea, Cuba, and Venezuela. The legislation defines "disqualified persons" broadly to include foreign nationals from these countries, foreign companies based there, and any entity where such parties own 10 percent or more. The bill carves out exceptions for U.S. citizens and permanent residents, individuals from Taiwan, and publicly traded U.S. corporations that are not controlled by these foreign interests. Additionally, the bill requires real estate closing professionals and property sellers to report acquisitions by suspected foreign buyers to the IRS and obtain signed affidavits confirming buyers are not disqualified persons. The tax would take effect immediately upon enactment for all future agricultural land acquisitions.
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