MO HB698

Aliens and foreign businesses are prohibited from acquiring agricultural land in Missouri if total foreign ownership exceeds 0.5% of the state's total agricultural acreage, based on the USDA's 2012 census of agriculture

All sales or transfers of agricultural land must be submitted to the Missouri Department of Agriculture for review to verify compliance with the 0.5% ownership cap

Twenty percent of agricultural acreage currently owned by aliens or foreign businesses is reserved for expansion by those existing owners, their direct descendants, or trusts and legal entities controlled by them

Agricultural land subject to these foreign ownership provisions will be taxed as commercial property until the purchase is approved by the Department of Agriculture

Includes an emergency clause allowing immediate effect upon passage to ensure citizens can obtain timely financing for agricultural land purchases