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CED-78-132 1 (1978-06-12)

handle is hein.gao/gaobaaxno0001 and id is 1 raw text is: DOCUMENT RESUME 06469 - [ B20870901 Foreign Ownership of U.S. Farmland: Much Ccncern, Little Data. CED-78-132; B-114824. June 12, 1978. 13 pp. * 8 apendices (65 PP.).• Report to Sen. Herman E. Talmadge, Chdirsar, Senate Committee on Agriculture, Nutrition, and Forestry; by Rcbert F. Neller, Acting Comptroller General. Issue Area: Land Use Planning and Control: Planning Future Land Use (2,.jl). Contact: Community and Economic DeveloFment Div. Budget Function: Natural Resources, Environment, and Energy: Conservation and Land Management (302). Organization Concerned: Department of Agriculture. Conqressional iRelevaiice: House Committee on Agricultuie; Senate Committee on Agriculture, Nutritic, and Forestry. Sen. Herman E. Talmadge. Authority: Foreign Investment Study Act of 1974 (P.L. 93-49; 88 Stat. 1450). International Investment Survey Act of 1S7o (P.L. 94-472; 90 Stat. 2059). In response to a congressional inquiry, infcruaticn was compiled on State laws that place ccnstraints or zeFcrtiLq requirements on ownership of farmland by nonresident aliens atid on data collected as a result of State reporting requirements. There is virtually unanimous agreement among persons at all levels of government and in the private sector that there is, currently, no Leliable data on the amount Cf U.S. faruland owned by nonresident aliens or on recent trends cf such ownership. l'indinqs/Conclusions: In the aggregate, State laws dc nct significantly inhibit foreign ownership of land. Tbe laws range from general prohibitions on such cwnezship to a total atsence of provisions dealing with this suEject. As of May 1978, 25 States had laws that placed some zcnstraints on al:cns acquiring or holdinq farmland. Nine States had laws that generally prohibit or restrict individual alien investors residing outside the United States from owning real estate in their names. The States have collected very little data on foreign cwnershiF of farmland. Only two States--Iowa and Minnesota--require nonresident aliens to file annual re[.crte cc their agLicultuzal landholdiuqs. In a survey of the 50 States, 18 indicated that tortiqn investment was not an actual cr jotential prctlfm while 10 States felt that it could become a ;rcblem in the future. County records provided little inlormaticn on foreign investmerit ir. county farmlaud, and local authorities expressed differing views about the implications of notiresident aliensl jurctases of firmland. Recommendatiors: The Sonate Ccanittee on Agriculture, Nutrition, and Forestry should request the Department of Commerce to adlust its reportinq re-qirements to atecifically identify farmland and include such information in its report to the Congress. (ERS)

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