This bill would expand legal protections for property owners against federal and state government actions that restrict or reduce the value of their property. Currently, property owners must choose between filing in federal district court for equitable relief or in the Court of Federal Claims for monetary compensation, but cannot pursue both remedies simultaneously. The bill would allow property owners to file in either court and pursue all available remedies in a single case, and would eliminate current restrictions that prevent parallel proceedings. The legislation defines compensable "takings" broadly to include not only physical seizures but also regulations that reduce property value by 20 percent or more, deny substantial economic use, or unreasonably impede property use. Property owners would receive just compensation including fair market value and business losses plus compound interest, and prevailing plaintiffs would recover attorney fees and costs. The bill sets a six-year statute of limitations for claims and allows the government to carry the burden of proof on several key issues, with an effective date upon enactment.
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