Bill > S3666

This bill, the AFIDA Improvements Act of 2024, amends the Agricultural Foreign Investment Disclosure Act (AFIDA) of 1978 to establish an additional reporting requirement. The bill requires that in cases where more than one foreign person acquires or transfers an interest, other than a security interest, in agricultural land, the reporting requirements under AFIDA shall apply to each foreign person who holds at least a 1% interest in that land, either directly or in the aggregate through an interest in other entities. The bill also requires the Secretary of Agriculture to enter into a memorandum of understanding with the Committee on Foreign Investment in the United States to share information on foreign ownership of U.S. agricultural land, and to update the AFIDA handbook every 10 years to incorporate recommendations from the Government Accountability Office. Additionally, the bill directs the Farm Production and Conservation Business Center to take actions to validate the data collected under AFIDA and ensure compliance with the new reporting requirement.