HB575: AN ACT relating to the acquisition of agricultural land.

Legislative Summary

Create new sections of KRS Chapter 247 to define terms, prohibit a nonresident alien, foreign business, foreign agent, trustee, or fiduciary associated with the government of any proscribed country referenced in 22 C.F.R. sec. 126.1 from the purchase, lease, or acquisition of agricultural land in Kentucky or participation in programs administered by the Department of Agriculture, Agricultural Development Board, and Kentucky Agricultural Finance Corporation; allow an existing foreign-owned business to purchase adjacent agricultural land to expand the operations of the business; exempt foreign ownership or leasing of up to 350 acres for research purposes; establish the Kentucky Foreign Investment Review Board to review applications for appeal for those on the prohibited countries list wishing to purchase, lease, or acquire agricultural land, set forth requirements of the board to approve or deny an application for appeal, establish a process for an application for appeal, authorize the board to promulgate administrative regulations; allow an applicant who is denied an appeal to purchase agricultural land to appeal the final decision in Circuit Court; require a county clerk to record an affidavit on any deed that conveys agricultural land and report the affidavit recordings monthly to the Kentucky Foreign Investment Review Board, require the Kentucky Foreign Investment Review Board to report to the Committee on Foreign Investment in the United States each month; set forth requirements to divest land that has been purchased, leased, or denied without approval of the Kentucky Foreign Investment Review Board, and direct the distribution of sale proceeds.