Farmland for Farmers Act of 2023

The Farmland for Farmers Act of 2023 restricts corporate ownership of agricultural land by prohibiting "unauthorized legal entities" (primarily large corporate investors like pension funds) from acquiring or holding such land. It defines "authorized legal entities" as those with no more than 25 natural persons who are actively engaged in farming, requiring these entities to certify compliance when acquiring land or applying for USDA programs. The bill establishes enforcement mechanisms including civil penalties up to twice the fair market value of the land and potential divestiture orders for violations. This law directly affects institutional investors who have increasingly purchased farmland since 2009, aiming to protect family farmers from being outbid by corporate interests.