The AFIDA Improvements Act of 2024 strengthens federal oversight of foreign investment in American agricultural land by expanding reporting requirements and enforcement mechanisms. The bill lowers the reporting threshold so that any foreign person holding at least one percent interest in agricultural land—either directly or through multiple layers of ownership—must disclose that interest to the Department of Agriculture. The legislation requires the Secretary of Agriculture to share all foreign ownership reports with the Committee on Foreign Investment in the United States within one year and to update the Foreign Investment Disclosure handbook within the same timeframe, incorporating recommendations from a 2024 Government Accountability Office report. The bill also mandates the establishment of an electronic submission system for these reports and directs the government to identify instances of non-compliance with the new disclosure rules. While no specific funding amount is allocated in the legislation, the reforms must be implemented within one year of enactment, with handbook updates occurring every ten years thereafter.
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