Amends Tennessee Code to require foreign persons to report agricultural land acquisitions to the Tennessee Commissioner of Agriculture.
The bill amends Tennessee Code to require foreign persons to file reports on agricultural land acquisitions with the Tennessee Commissioner of Agriculture. It defines "foreign person" and mandates that these reports be filed within the same timeframe as required by the federal Agricultural Foreign Investment Disclosure Act. Failure to file the report results in a civil penalty of up to 25% of the fair market value of the land. The commissioner can also take legal action to collect the penalty. The act expires upon the repeal of the federal Agricultural Foreign Investment Disclosure Act.
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