Land And National Defense Act or the LAND Act
This bill requires that a foreign purchaser of agricultural land be subject to the same restrictions and limitations as a U.S. citizen or national would be subject to when purchasing agricultural land in the foreign purchaser's home country.
The bill applies to all foreign purchasers, including U.S. citizens who are also a citizen of one or more other countries (e.g., a dual citizen).
For a foreign company purchasing agricultural land, a country is treated as the company's home country if (1) it has the most restrictive laws with respect to the purchasing of agricultural land, and (2) the citizens of the country hold at least 5% of the company.
The seller of the agricultural land to a foreign purchaser must report the sale to the Department of Agriculture (USDA). Further, USDA must notify certain Members of Congress of the sale, including (1) the Senators from the state in which the agricultural land is located, and (2) the Representative from the congressional district where the land is located.
In addition, the bill establishes the U.S. Land Protection Task Force, chaired by the Secretary of Agriculture, to identify violations of these restrictions on foreign agricultural land purchasers.
The task force must submit a report to Congress every six months, which must include specific information on the sale of agricultural land to foreign purchasers.