COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.:1882H.01I Bill No.:HB 672 Subject:Agriculture; Property, Real and Personal Type:Original Date:January 22, 2025Bill Summary:This proposal changes the laws regarding the foreign ownership of
agricultural land.
FISCAL SUMMARY
ESTIMATED NET EFFECT ON GENERAL REVENUE FUNDFUND AFFECTEDFY 2026FY 2027FY 2028Total Estimated Net
Effect on General
Revenue $0$0$0
ESTIMATED NET EFFECT ON OTHER STATE FUNDSFUND AFFECTEDFY 2026FY 2027FY 2028Total Estimated Net
Effect on Other State
Funds $0$0$0
Numbers within parentheses: () indicate costs or losses. L.R. No. 1882H.01I
Bill No. HB 672
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ESTIMATED NET EFFECT ON FEDERAL FUNDSFUND AFFECTEDFY 2026FY 2027FY 2028Total Estimated Net
Effect on All Federal
Funds $0$0$0
ESTIMATED NET EFFECT ON FULL TIME EQUIVALENT (FTE)FUND AFFECTEDFY 2026FY 2027FY 2028Total Estimated Net
Effect on FTE 000
☐ Estimated Net Effect (expenditures or reduced revenues) expected to exceed $250,000 in any
of the three fiscal years after implementation of the act or at full implementation of the act.
☐ Estimated Net Effect (savings or increased revenues) expected to exceed $250,000 in any of
the three fiscal years after implementation of the act or at full implementation of the act.
ESTIMATED NET EFFECT ON LOCAL FUNDSFUND AFFECTEDFY 2026FY 2027FY 2028Local Government$0$0$0 L.R. No. 1882H.01I
Bill No. HB 672
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FISCAL ANALYSIS
ASSUMPTION
§442.571 – Foreign Ownership of Agricultural Land
Officials from the Missouri Department of AgricultureDepartment of Revenue and Office
of Administration each assume the proposal will have no fiscal impact on their respective
organizations.
Oversight notes that the above mentioned agencies have stated the proposal would not have a
direct fiscal impact on their organization. Oversight does not have any information to the
contrary. Therefore, Oversight will reflect a zero impact on the fiscal note.
Officials from the Office of Attorney General (AGO)
arising from this proposal can be absorbed with existing resources. The AGO may seek
additional appropriations if the proposal results in a significant increase in litigation or
investigation costs.
Oversight assumes AGO is provided with core funding to handle a certain amount of activity
each year. Oversight assumes AGO could absorb the costs related to this proposal. If multiple
bills pass which require additional staffing and duties at substantial costs, AGO could request
funding through the appropriation process.Officials from the AGO assume the proposal will
have no fiscal impact on their organization.
Oversight notes, according to the United States Department of Agriculture, foreign entities held
474,305 acres of Missouri’s agricultural land as of December 31, 2023, which equates to 1.3% of
the total agricultural land (in proportion to privately held agricultural land).
https://www.fsa.usda.gov/documents/foreign-holdings-us-agricultural-land-december-31-2023 L.R. No. 1882H.01I
Bill No. HB 672
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Rule Promulgation
Officials from the Joint Committee on Administrative Rules assume this proposal is not
anticipated to cause a fiscal impact beyond its current appropriation.
Officials from the Office of the Secretary of State (SOS) note many bills considered by the
General Assembly include provisions allowing or requiring agencies to submit rules and
regulations to implement the act. The SOS is provided with core funding to handle a certain
amount of normal activity resulting from each year's legislative session. The fiscal impact for
this fiscal note to the SOS for Administrative Rules is less than $5,000. The SOS recognizes that
this is a small amount and does not expect that additional funding would be required to meet
these costs. However, the SOS also recognizes that many such bills may be passed by the
General Assembly in a given year and that collectively the costs may be in excess of what the
office can sustain with its core budget. Therefore, the SOS reserves the right to request funding
for the cost of supporting administrative rules requirements should the need arise based on a
review of the finally approved bills signed by the governor. L.R. No. 1882H.01I
Bill No. HB 672
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FISCAL IMPACT – State GovernmentFY 2026
(10 Mo.)
FY 2027FY 2028$0$0$0FISCAL IMPACT – Local GovernmentFY 2026
(10 Mo.)
FY 2027FY 2028$0$0$0
FISCAL IMPACT – Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
FISCAL DESCRIPTION
The proposed legislation appears to have no direct fiscal impact.
This legislation is not federally mandated, would not duplicate any other program and would not
require additional capital improvements or rental space.
SOURCES OF INFORMATION
Missouri Department of Agriculture
Department of Revenue
Office of Administration
Attorney General’s Office
Office of the Secretary of State
Joint Committee on Administrative Rules
Julie MorffJessica HarrisDirectorAssistant DirectorJanuary 22, 2025January 22, 2025