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

HR 3996 would impose a 60% tax on the purchase of U.S. agricultural interests (including farmland and livestock production land) by individuals or entities from designated "countries of concern," such as China, Russia, Iran, North Korea, Cuba, and Venezuela. It requires transaction closers (like title companies or attorneys) to report buyer details to the IRS and request an affidavit confirming the buyer is not a disqualified person. If a disqualified person fails to provide the affidavit, the closing entity must inform them of the tax obligation, and the buyer would owe 60% of the purchase price. The tax does not apply to U.S. citizens, lawful permanent residents, or U.S. public companies not controlled by disqualified persons.