Bill > S2258

This bill aims to prohibit certain foreign entities, specifically those from China, from acquiring or owning agricultural land and residential real estate in the United States. The bill defines "covered foreign entities" broadly to include corporations incorporated in China, organizations affiliated with the Chinese Communist Party, and related individuals and organizations. For agricultural land, the bill makes it unlawful for these entities to acquire or lease any agricultural land in the United States, requiring them to divest such holdings within one year of the act's enactment. Violations can result in significant financial penalties of $100 per acre per day, potential criminal charges including up to 5 years in prison, and forfeiture of the land through public auction. Similarly, for residential real estate, the bill creates a two-year prohibition on purchases by covered foreign entities, with potential presidential extensions. Residential real estate owners must divest within one year, facing fines of $1,000 per day for non-compliance. The bill requires the Department of Agriculture and the Department of Commerce to establish offices to monitor compliance, impose fines, and provide guidance on implementation. The goal is to protect U.S. agricultural resources and residential housing markets from foreign, specifically Chinese, ownership and potential strategic land acquisitions.

Agriculture and Natural Resources

https://www.congress.gov/bill/119th-congress/senate-bill/2258/all-info