To amend the Internal Revenue Code of 1986 to impose a tax on the acquisition of United States agricultural interests by disqualified persons.

Bill 118 hr 3996, also known as the "Agricultural Foreign Investment Disclosure Act of 2021," aims to amend the Internal Revenue Code of 1986 by imposing a tax on the acquisition of United States agricultural interests by disqualified persons.

The bill defines disqualified persons as individuals or entities that are not citizens or residents of the United States, as well as certain foreign governments and organizations. These disqualified persons would be subject to a tax on the acquisition of agricultural interests in the US, with the tax rate determined by the fair market value of the interests acquired.

The purpose of this tax is to prevent foreign entities from acquiring large amounts of agricultural land in the US, which could potentially threaten national food security and control over domestic agricultural production. By imposing this tax, the bill aims to protect American farmers and ensure that US agricultural interests remain in the hands of US citizens and residents. Overall, the Agricultural Foreign Investment Disclosure Act of 2021 seeks to regulate foreign investment in US agriculture and safeguard the interests of American farmers and the nation's food security.