Changes the laws regarding the foreign ownership of agricultural land
The bill mandates that any foreign business currently holding agricultural land must divest its interest by August 28, 2030. The Missouri Department of Agriculture will be tasked with compiling a list of properties owned by foreign entities and notifying these businesses about the divestment requirements. If there is a failure to divest, it will be reported as a violation of the law. This divestment requirement aims to effectively remove foreign ownership over time, which proponents argue will help secure local agricultural resources for American farmers.
House Bill 672 proposes significant changes to the laws regarding foreign ownership of agricultural land in the state of Missouri. Specifically, the bill repeals the existing statute under section 442.571, which dictates that no alien or foreign business can acquire agricultural land if the total aggregate foreign ownership exceeds one percent of the total agricultural land in the state. This new legislation aims to further restrict foreign entities from acquiring agricultural land, effective from August 28, 2025. By setting these restrictions, the bill seeks to protect local agriculture and maintain the integrity of Missouri's farming resources.
There are potential points of contention surrounding HB672. Supporters argue that limiting foreign ownership is vital for ensuring agricultural sustainability and protecting local economies. However, critics may argue that such restrictions could deter investment and limit economic opportunities within the state. The balance between protecting local interests and fostering economic growth through foreign investments will likely lead to debates among legislators and stakeholders in the agricultural community.