SB 865 - This act modifies provisions regarding foreign ownership of agricultural land in Missouri. This act modifies the definition of "foreign business" to include professional corporations, nonprofit corporations, limited liability companies, or the equivalent of any entity listed in the current law, in which a controlling interest is owned or organized under the laws of a foreign country, as described in the act.
Currently, no more than 1% of the total agricultural acreage in the state can be owned by a foreign entity. This act prohibits a foreign entity from acquiring agricultural land in the state after the effective date of the act.
After the effective date of the act, all proposed transfers of any interest in agricultural land held by a foreign entity in the state shall be submitted at least 30 calendar days prior to when such transfers of such agricultural land are finalized to the Department of Agriculture to determine whether such transfers of agricultural land are conveyed in accordance with the prohibition on foreign ownership of agricultural land in the state under this act. Such sale or transfer submitted for review to the Department shall be deemed a closed record until such sale is finalized.
If the Director finds that a foreign entity has acquired agricultural land after the effective date of the act, instead of pursuant to the provisions under the current law, the Director shall report such violation to the Attorney General.
This act creates a definition of "nonfarming", as described in the act, with respect to current provisions regarding foreign-owned agricultural land being used for nonfarming purposes.
This act has an emergency clause.
This act identical to provision in SB 806 (2024), a provision in HCS/HB 1957 (2024), has provisions substantially similar to CCS/SS/SCS/HCS/HBs 903, 465, 430 & 499 (2023), SCS/SBs 332, 334, SB 541 & SB 144 (2023), similar to provisions in SB 791 (2022), HB 1947 (2022), SB 243 (2021), HB 1136 (2021), HB 1492 (2020).
JULIA SHEVELEVA