LAND Act

[AI summary unavailable — showing source text] Land And National Defense Act or the LAND Act This bill requires that a foreign purchaser of agricultural land be subject to (1) 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, and (2) any restrictions and limitations that apply under state law with respect to the purchase. 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 est…