Amends TCA Title 66, Chapter 2, Part 3.
Tennessee SB0519 amends the Tennessee Code Annotated to require foreign persons acquiring agricultural land in the U.S. to file a report with the commissioner of agriculture, in addition to the existing federal reporting requirements. The bill affects foreign investors in agricultural land and establishes penalties for non-compliance, including a civil penalty not exceeding 25% of the fair market value of the land. It also authorizes the commissioner to create rules for implementation and specifies that the provisions will expire upon the repeal of the federal Agricultural Foreign Investment Disclosure Act.
Tennessee SB0519 amends the Tennessee Code Annotated to require foreign persons acquiring agricultural land in the U.S. to file a report with the commissioner of agriculture, in addition to the existing federal reporting requirements. The bill affects foreign investors in agricultural land and establishes penalties for non-compliance, including a civil penalty not exceeding 25% of the fair market value of the land. It also authorizes the commissioner to create rules for implementation and specifies that the provisions will expire upon the repeal of the federal Agricultural Foreign Investment Disclosure Act.
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