Legis Daily

SOIL Act of 2023

USA118th CongressS-1066| Senate 
| Updated: 3/29/2023
James Lankford

James Lankford

Republican Senator

Oklahoma

Cosponsors (3)
Thomas Tillis (Republican)James E. Risch (Republican)Michael F. Bennet (Democratic)

Agriculture, Nutrition, and Forestry Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Security and Oversight for International Landholdings Act of 2023 or the SOIL Act of 2023 This bill establishes and expands requirements for reviewing and disclosing transactions regarding foreign investments in agricultural land. The Committee on Foreign Investment in the United States (CFIUS) must review certain investments in agricultural land held by a person (i.e., individual or entity) that is a national of, or subject to the jurisdiction of, a country (1) designated as a nonmarket economy, or (2) identified as posing a risk to the national security of the United States. Under current law, CFIUS reviews the national security implications of certain foreign investments in U.S. businesses or real estate, including critical infrastructure or technologies. CFIUS must also review certain real estate acquisitions or transfers of an interest, other than a security, for nonresidential properties that are located within 50 miles of a military installation. The bill also prohibits federal assistance, including subsidies, from being provided to a person for an agricultural real estate holding which is owned by any of the foreign persons specified above. The bill requires any foreign person who enters into a leasing agreement for agricultural land that is longer than five years to report the lease to the Department of Agriculture (USDA). Current requirements only apply to agriculture land acquired or transferred. Further, USDA must prepare and make publicly available an annual report describing agricultural land holdings by foreign persons, including specific information related to foreign persons from China and Russia.
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Timeline

Bill from Previous Congress

S 117-4821
SOIL Act of 2022
Mar 29, 2023
Introduced in Senate
Mar 29, 2023
Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
Sep 3, 2024

Latest Companion Bill Action

HR 118-8448
Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit.
  • Bill from Previous Congress

    S 117-4821
    SOIL Act of 2022


  • March 29, 2023
    Introduced in Senate


  • March 29, 2023
    Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.


  • September 3, 2024

    Latest Companion Bill Action

    HR 118-8448
    Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit.

Agriculture and Food

SOIL Act of 2023

USA118th CongressS-1066| Senate 
| Updated: 3/29/2023
Security and Oversight for International Landholdings Act of 2023 or the SOIL Act of 2023 This bill establishes and expands requirements for reviewing and disclosing transactions regarding foreign investments in agricultural land. The Committee on Foreign Investment in the United States (CFIUS) must review certain investments in agricultural land held by a person (i.e., individual or entity) that is a national of, or subject to the jurisdiction of, a country (1) designated as a nonmarket economy, or (2) identified as posing a risk to the national security of the United States. Under current law, CFIUS reviews the national security implications of certain foreign investments in U.S. businesses or real estate, including critical infrastructure or technologies. CFIUS must also review certain real estate acquisitions or transfers of an interest, other than a security, for nonresidential properties that are located within 50 miles of a military installation. The bill also prohibits federal assistance, including subsidies, from being provided to a person for an agricultural real estate holding which is owned by any of the foreign persons specified above. The bill requires any foreign person who enters into a leasing agreement for agricultural land that is longer than five years to report the lease to the Department of Agriculture (USDA). Current requirements only apply to agriculture land acquired or transferred. Further, USDA must prepare and make publicly available an annual report describing agricultural land holdings by foreign persons, including specific information related to foreign persons from China and Russia.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

S 117-4821
SOIL Act of 2022
Mar 29, 2023
Introduced in Senate
Mar 29, 2023
Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
Sep 3, 2024

Latest Companion Bill Action

HR 118-8448
Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit.
  • Bill from Previous Congress

    S 117-4821
    SOIL Act of 2022


  • March 29, 2023
    Introduced in Senate


  • March 29, 2023
    Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.


  • September 3, 2024

    Latest Companion Bill Action

    HR 118-8448
    Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit.
James Lankford

James Lankford

Republican Senator

Oklahoma

Cosponsors (3)
Thomas Tillis (Republican)James E. Risch (Republican)Michael F. Bennet (Democratic)

Agriculture, Nutrition, and Forestry Committee

Agriculture and Food

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted