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SOIL Act of 2023
12/15/2023, 4:06 PM
Summary of Bill S 1066
One of the key provisions of the SOIL Act is the establishment of a Soil Health Demonstration Program, which will provide grants to farmers to implement and test soil health practices on their land. These practices may include cover cropping, reduced tillage, and the use of organic amendments to improve soil structure and fertility.
Additionally, the bill includes provisions for research and education on soil health, as well as funding for technical assistance programs to help farmers adopt sustainable practices. The goal of these initiatives is to improve soil health across the country, leading to increased crop yields, reduced erosion, and better water quality. Overall, the SOIL Act of 2023 aims to support farmers in implementing sustainable agriculture practices that will benefit both their operations and the environment. By focusing on soil health, the bill seeks to address key challenges facing the agricultural industry and promote long-term sustainability in food production.
Congressional Summary of S 1066
Security and Oversight for International Landholdings Act of 2023 or the SOIL Act of 2023
This bill establishes and expands requirements for reviewing and disclosing transactions regarding foreign investments in agricultural land.
The Committee on Foreign Investment in the United States (CFIUS) must review certain investments in agricultural land held by a person (i.e., individual or entity) that is a national of, or subject to the jurisdiction of, a country (1) designated as a nonmarket economy, or (2) identified as posing a risk to the national security of the United States. Under current law, CFIUS reviews the national security implications of certain foreign investments in U.S. businesses or real estate, including critical infrastructure or technologies.
CFIUS must also review certain real estate acquisitions or transfers of an interest, other than a security, for nonresidential properties that are located within 50 miles of a military installation.
The bill also prohibits federal assistance, including subsidies, from being provided to a person for an agricultural real estate holding which is owned by any of the foreign persons specified above.
The bill requires any foreign person who enters into a leasing agreement for agricultural land that is longer than five years to report the lease to the Department of Agriculture (USDA). Current requirements only apply to agriculture land acquired or transferred.
Further, USDA must prepare and make publicly available an annual report describing agricultural land holdings by foreign persons, including specific information related to foreign persons from China and Russia.
