Des Moines, Iowa — Governor Kim Reynolds says American farmland needs to remain in American hands and she will quickly sign one of the first bills to clear the 2024 legislature.
The bill closes a loophole that could let foreigners or foreign governments be investors in limited liability companies or involved in trusts that acquire Iowa farmland. The bill requires ag land purchase reports filed with the state to include more information about ownership structures. Republican Representative Derek Wulf, a farmer from Hudson, says purchasers will also have to file a complete list of all their landholdings in the United States.
Representative J.D. Scholten, a Democrat from Sioux City, says now’s the time to act, because food security is national security.
The bill ensures Iowa’s attorney general has subpoena powers to investigate ag land purchases and it significantly increases the penalty for any violations. Under current law, foreign entities caught owning more than 320 acres of Iowa farmland face a two-thousand-dollar fine. The bill raises the fine to 25 percent of the assessed value of the land.
