Bill > HR7131

This bill, the AFIDA Improvements Act of 2024, amends the Agricultural Foreign Investment Disclosure Act of 1978 (AFIDA) to establish an additional reporting requirement. Specifically, it requires that in cases where more than one foreign person acquires or transfers an interest in agricultural land, each foreign person holding at least a 1 percent interest, either directly or through an interest in other entities, must report this to the Secretary of Agriculture. The bill also directs the Farm Production and Conservation Business Center to validate the data collected under AFIDA and ensure compliance with the new reporting requirement. Additionally, the bill requires the Secretary to enter into a memorandum of understanding with the Committee on Foreign Investment in the United States to share relevant information on foreign ownership of U.S. agricultural land, and to update the AFIDA handbook every 10 years.