SB0388: Foreign gifts and ownership of agricultural land.

Legislative Summary

Foreign gifts and ownership of agricultural land. Requires a postsecondary educational institution (institution) to submit a disclosure report to the Indiana commissioner for higher education (commissioner) of gifts from a foreign source that meet the reporting threshold established by a federal law regarding disclosures of foreign gifts. Provides that the institution shall submit the disclosure report to the commissioner with the same information required to be reported in the disclosure report described in the federal law and at the same time the institution files the disclosure report under the federal law. Provides that certain information for each institution shall be posted on the commission for higher education's (commission) Internet web site. Provides that whenever it appears that an institution has failed to comply with gift disclosure requirements, a civil action may be brought by the attorney general or at the request of: (1) a member of the general assembly; (2) the governor; (3) a member of the commission; (4) a member of the state board of education; or (5) an Indiana taxpayer; to compel compliance with the gift disclosure requirements. Provides that beginning July 1, 2022, a foreign business entity may not acquire agricultural land located within Indiana for the purposes of crop farming or timber production. Specifies exceptions. Prohibits a foreign business entity that owns agricultural land located within Indiana from transferring the agricultural land to another foreign business entity after June 30, 2022, for the purposes of crop farming or timber production. Requires a foreign business entity to report the acquisition, sale, or transfer of agricultural land for the purposes of crop farming or timber production located within Indiana to the secretary of state and the attorney general. Provides that agricultural land acquired, sold, or transferred in violation of law is subject to forfeiture to the state. Adds a provision to prohibit business entities: (1) organized under the laws of the Russian Federation; or (2) wholly controlled by a citizen or citizens of the Russian Federation who are not legal residents of the United States; from holding and conveying real property located within Indiana.