Bill > HB2028

This bill aims to preserve Washington farmland by prohibiting certain business entities and investment entities from purchasing agricultural land in the state. Specifically, the bill defines "business entities" as any for-profit or non-profit organizations, including private foundations and land trusts, and "investment entities" as real estate investment trusts or entities managing pooled investor funds. Under this legislation, these entities would be prevented from acquiring land zoned for agricultural use, with exceptions for timberland. If such entities are found to own agricultural land in violation of the law, they would face significant penalties, including a civil penalty of up to $100,000 and an additional $125,000 per year if they fail to sell the land within one year. The law would also render such land ineligible for open space taxation benefits. The legislature's motivation is to protect local farmers and ranchers from being driven out of business by large corporate landowners and to help control food costs for Washington consumers. The bill is declared an emergency measure and would take effect immediately upon passage.

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https://app.leg.wa.gov/billsummary?BillNumber=2028&Year=2025&Initiative=false