Public lands; extend repealer on statute prohibiting corporations and nonresident aliens from purchasing.
Impact
The bill's provisions are significant as they extend the eligibility of nonresident aliens to acquire and hold up to 320 acres of public lands for industrial development, and up to 5 acres for residential purposes. Should these lands cease their intended development use, they will revert back to the public body that sold them. This amendment may have far-reaching implications for state land use policies, particularly in fostering industrial development while also considering the retention of local land ownership rights.
Summary
House Bill 688 aims to amend Section 29-1-75 of the Mississippi Code of 1972 by extending the repealer on the restrictions imposed on the purchase of public lands by certain corporations and nonresident aliens. The bill specifically addresses the legal framework surrounding land ownership by these entities, stating that, except as provided in this section, neither a corporation nor a nonresident alien can acquire public lands directly or indirectly. Notably, it allows for banking corporations to purchase lands under certain circumstances related to tax forfeiture, thereby providing exemptions to the general prohibition outlined in the law.
Sentiment
The general sentiment surrounding HB 688 appears to be supportive among business and economic development advocates who argue that it promotes investment opportunities in the state. However, concerns are expected from stakeholders worried about foreign ownership of local resources and its implications for local governance. The bill seems poised to start discussions about the balance between development and local land control.
Contention
One notable point of contention may revolve around the bill's potential effect on local real estate markets and community ownership. Detractors may voice concerns that allowing nonresident corporations and aliens greater access to public lands undermines local interests. The prevailing debate could center on whether this policy will lead to unwarranted speculation in land ownership or drive beneficial development for local economies.
"Liberty for Our Agricultural Land Act"; enact to prohibit the companies owned by the People's Republic of China owning more than 100 acres of real estate.