New bill heading to the House floor would propose 60% tax on foreign ag land purchases

The House Ways and Means Committee is looking to tackle foreign ag land ownership through a 60% tax on purchases by foreign adversaries.

That includes countries like China, Russia, Iran, North Korea, Cuba, and Venezuela.
The proposal was wrapped up in a broader package repealing several green energy incentives created by the Climate, Health, and Tax Bill last summer.

Committee Chair, Jason Smith of Missouri says that the proposal would prevent undisclosed purchases of American farmland while increasing food and economic security.

The bill now goes to the House floor for debate.