Page 1 of 2 LRC 2024-BR496-HB575
COMMONWEALTH OF KENTUCKY FISCAL NOTE STATEMENT
LEGISLATIVE RESEARCH COMMISSION
2024 REGULAR SESSION
MEASURE
2024 BR NUMBER 496 HOUSE BILL NUMBER 575
TITLE AN ACT relating to the acquisition of agricultural land.
SPONSOR Representative Richard Heath
FISCAL SUMMARY
STATE FISCAL IMPACT: YES NO UNCERTAIN
OTHER FISCAL STATEMENT (S) THAT MAY APPLY: ACTUARIAL ANALYSIS
LOCAL MANDATE CORRECTIONS IMPACT HEALTH BENEFIT MANDATE
APPROPRIATION UNIT(S) IMPACTED: Department of Agriculture
FUND(S) IMPACTED: GENERAL ROAD FEDERAL RESTRICTED
FISCAL
ESTIMATES
2023-2024 2024-2025 2025-2026 ANNUAL IMPACT AT
FULL
IMPLEMENTATION
REVENUES Indeterminable Indeterminable Indeterminable
EXPENDITURES Indeterminable Indeterminable Indeterminable
NET EFFECT (Indeterminable) (Indeterminable) (Indeterminable)
( ) indicates a decrease/negative
PURPOSE OF MEASURE: This measure limits foreign agents or businesses from countries
referenced in 22 C.F.R. sec. 126.1 from the purchase, lease, or acquisition of agricultural land in
Kentucky. The measure establishes the Kentucky Foreign Investment Review Board (KFIRB)
within the Department of Agriculture to set forth requirements for an appeals process and review
applications for appeal.
FISCAL EXPLANATION : The Department of Agriculture estimates it needs five full-time
equivalent personnel including, an executive director, a deputy executive director, a special
assistant, and two administrative assistants, for $925,000 a year. The Department will also have
to pay for the citizen member of the newly created KFIRB, which would have a minimal and
indeterminable impact.
If a court finds that agricultural land has been purchased in violation of this act, then the land is
defaulted to the state. The state will auction off the land, and the proceeds will pay for court costs
first, then deposit the remainder into the General Fund for a minimal and indeterminable increase
in revenue.
DATA SOURCE(S): Department of Agriculture, LRC Staff
PREPARER: Justin Perry NOTE NUMBER: 151 REVIEW: JB DATE: 3/22/2024 Page 2 of 2 LRC 2024-BR496-HB575