Bill > SB0519

This bill requires foreign persons who purchase agricultural land in Tennessee and are already mandated to report their land acquisition to the U.S. Department of Agriculture under the Agricultural Foreign Investment Disclosure Act to also submit a copy of that report to Tennessee's commissioner of agriculture. The bill provides detailed definitions of who qualifies as a "foreign person", which includes non-U.S. citizens, foreign corporations, and entities with significant foreign ownership or control. If a foreign person fails to file this report with the state commissioner, the attorney general can seek a civil penalty of up to 25% of the fair market value of the agricultural land and can bring an action in circuit court to collect this penalty. The bill authorizes the commissioner of agriculture to create rules to implement these requirements, with the provisions taking effect upon becoming law and applying to reports made on or after July 1, 2025. The bill is set to expire if the federal Agricultural Foreign Investment Disclosure Act is repealed, and the commissioner is required to notify the Tennessee code commission of such a repeal.

Agriculture and Natural Resources

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB0519&ga=114