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08/18/2011 12:43 PM EDT
For Immediate Release
August 18, 2011
Ethel Truly 601-965-4300, ext.102
"Any foreign person who acquires, transfers or holds any interest, other than a security interest, in agricultural land in the United States is required by law to report the transaction no later than 90 days after the date of the transaction," said Sullivan.
August 18, 2011
Contact:
Ethel Truly 601-965-4300, ext.102
Foreigners Reminded to Report U.S. Agricultural Land Holdings
JACKSON, MISS. – August 18, 2011 -- Mississippi's USDA Farm Service Agency (FSA) Executive Director Michael R. Sullivan reminds foreign persons with an interest in agricultural lands in the United States that they are required to report their holdings and any related transactions to the U.S. Secretary of Agriculture.
"Any foreign person who acquires, transfers or holds any interest, other than a security interest, in agricultural land in the United States is required by law to report the transaction no later than 90 days after the date of the transaction," said Sullivan.
Foreign investors must file Agricultural Foreign Investment Disclosure Act (AFIDA) reports with the FSA county office that maintains reports for the county where the land is located.
"Failure to file a report, filing a late report or filing an inaccurate report can result in a penalty with fines up to 25 percent of the fair market value of the agricultural land," said Sullivan.
For AFIDA purposes, agricultural land is defined as any tract of land of more than 10 acres that is used for farming, ranching or timber production, or a smaller tract that generates gross annual receipts of more than $1,000 from the sale of farm, ranch, or timber products.
Disclosure reports are also required when the land use changes. For example, reports are required when land use changes from nonagricultural to agricultural or from agricultural to nonagricultural. A report must also be filed when the ownership status changes from foreign to non-foreign or from non-foreign to foreign.
Data gained from these disclosures is used to prepare an annual report to the President and Congress concerning the effect of such holdings on family farms and rural communities in the United States.
For more information regarding AFIDA and FSA programs, contact your local FSA county office or visit the USDA Web site at http://www.fsa.usda.gov/FSA/webapp?area=home&subject=ecpa&topic=afa.
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