SOIL Act of 2023

The SOIL Act of 2023 requires the Committee on Foreign Investment in the United States (CFIUS) to review foreign purchases of U.S. agricultural land and real estate within 50 miles of military bases if the buyer is from a country designated as a national security risk (like China or Russia) or a nonmarket economy country. It prohibits federal subsidies for agricultural land owned by such foreign entities and mandates an annual public report detailing foreign ownership by state, county, and country, including analysis of sectors and water rights. The bill also updates disclosure rules to include long-term land leases (over 5 years) and removes minimum acreage thresholds for reporting foreign land holdings. This directly affects foreign investors from targeted countries and U.S. agricultural landowners who might receive federal support.