Committee: Agriculture, Conservation and Forestry Sponsor: Melson
Analyst: Vee Mosely Date: 02/02/2022
FISCAL NOTE
Senate Bill 14 as introduced would restrict ownership of agricultural land to United States citizens and resident aliens only and would require nonresident aliens, and foreign businesses, agents, trustees, and fiduciaries that own an interest in agricultural land to register with the Secretary of State in addition, this bill requires agricultural land acquired in violation of the provisions of this bill to be escheated to the state and sold with the proceeds of the sale used to pay: (1) court costs; (2) the actual cost paid for the property to the person divested of the property; and (3) to the county or counties in which the land is located, any proceeds remaining after payment of court costs and to the person divested of the property.
In addition, this bill could increase receipts to the State General Fund by an undetermined amount dependent upon the number of, and amount of, civil penalties imposed and collected by the Secretary of State, in an amount not to exceed $2,000 per offense, for failing to timely register with the Secretary of State.
Larry Stutts, Chairperson Agriculture, Conservation and Forestry