Iowa House Bill HF2483

Iowa 2023-2024 Regular Session

• Introduced: 2/13/24

Caption

A bill for an act relating to interests in agricultural land acquired or held by foreign businesses, foreign governments, or nonresident aliens, or by agents, trustees, or fiduciaries thereof, by providing for registration and reporting requirements, providing for enforcement, and providing penalties.(Formerly HSB 663.)

Impact

The legislation aims to mitigate the perceived risks associated with foreign ownership of agricultural land, particularly concerns about local economies and agricultural sustainability. By requiring registration and biennial reporting, HF2483 seeks to create a clearer picture of how much agricultural land is held by foreign interests and how that might affect local agricultural practices and property values. Moreover, the establishment of penalties such as fines for noncompliance is designed to deter violations and encourage adherence to these new regulations.

Summary

House File 2483 addresses the regulation of agricultural land ownership by foreign entities, including foreign businesses, foreign governments, and nonresident aliens. The bill mandates that these entities register their interests in agricultural land with the Secretary of State and outlines specific reporting requirements to enhance transparency regarding foreign ownership in Iowa's agricultural sector. It also provides the state with mechanisms to enforce compliance and impose penalties for violations of these requirements, thus ensuring that the local governance of land remains strong despite external interests.

Contention

Throughout discussions surrounding the bill, key points of contention have centered on its potential implications for foreign investments in Iowa. Proponents argue that enhanced oversight is necessary to protect local agricultural interests and ensure that foreign stakeholders don’t adversely affect the state's farming landscape. Conversely, opponents worry that such regulatory measures could discourage foreign investment, which may bring economic benefits. Additionally, concerns were raised regarding the administrative burden of these new requirements on foreign entities and the effectiveness of the enforcement mechanisms established in the bill.