Foster Swift Agricultural Law Update
The Michigan USDA Farm Service Agency recently posted a reminder about the Agriculture Foreign Investment Disclosure Act. 7 U.S.C.A. § 3501 et seq.; 7 C.F.R. § 781.1 et seq. The Act requires a foreign person (including entities with a certain percentage of interest held by foreign persons) who acquires, disposes of, or holds an interest in United States agricultural land to disclose such transactions and holdings to the Secretary of Agriculture by filing a FSA-153 in the FSA Service Center where the land is physically located within 90 days of the date of the transaction, or be subject to penalty. Agricultural land includes all crop, ranch, forestland, and timberland more than 10 acres in the aggregate. Land totaling 10 acres or less in the aggregate that produces annual gross receipts in excess of $1,000 from the sale of farm, ranch, or timber products must be reported.