Progress! New Legislation To Prevent China From Procuring U.S. Farmland
A congresswoman from Texas has introduced a bill to restrict the purchase of farmland in the United States by hostile foreign powers, particularly China. On June 9, House Committee on Ways and Means member Rep. Beth Van Duyne (R-Texas) introduced the bill. The Protecting American Farmland Act (H.R.3996) seeks to change the Internal Revenue Code to prevent ‘country of concern’ buyers from concealing their acquisitions of U.S. farmland to avoid paying the 60 percent exercise …