Bill > S1066

This bill, the Security and Oversight for International Landholdings Act of 2023 (or the SOIL Act of 2023), aims to increase oversight of foreign direct investment in agricultural land in the United States. The key provisions of the bill include: 1. Requiring the Committee on Foreign Investment in the United States (CFIUS) to review any acquisition or transfer of an interest in agricultural land held by individuals or entities from countries designated as nonmarket economies or identified as posing a risk to U.S. national security. 2. Requiring CFIUS to review any acquisition or transfer of an interest in real estate located within 50 miles of a military installation (other than residential property) by individuals or entities from the same countries. 3. Expanding the membership of CFIUS to include the heads of relevant departments, agencies, and offices during reviews or investigations. 4. Prohibiting federal agencies from providing assistance, including subsidies, to individuals or entities that own agricultural real estate that is wholly or partly owned by individuals or entities from the designated countries. 5. Amending the Agricultural Foreign Investment Disclosure Act to require reporting on leases of agricultural land longer than 5 years and removing the minimum acreage requirement for reporting. 6. Requiring the Secretary of Agriculture to annually prepare and publicly release a report on foreign holdings of agricultural land in the United States, including analysis of the countries, sectors, and water/mineral rights involved.