USDA proposes updates to foreign farm land reporting rules

The Agriculture Department is proposing changes to how foreign investors report their ownership of U.S. agricultural land. Under the current Agricultural Foreign Investment Disclosure Act, anyone who buys or holds an interest in this land must file a paper report with the government within 90 days. The new proposal would require these reports to be submitted online instead.

Why it matters: This matters because the data collected from these reports is shared with the Committee on Foreign Investment in the United States, or CFIUS. That committee reviews certain foreign transactions to check for risks to national security. Better data helps them identify potential issues faster. For now, this is mostly an administrative update to modernize a system that has relied heavily on paper forms.

Who it affects

• Foreign individuals and entities that own or buy agricultural land in the United States

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This is a proposed rule from the Agriculture Department; check the original Federal Register notice for full details before relying on it.

Agency: Agriculture Department
Source: Federal Register — read the official document