JEFFERSON CITY, Mo. — Secretary of State Jay Ashcroft, after several months of effort, is pleased with the progress of HB 903, which would change the laws regarding foreign ownership of agricultural land in Missouri. The bill has been released from committee and will now be placed on the perfection calendar for full house floor debate.
“We have worked hard for months on this. It has been an ongoing concern for some time and now we see progress,” Ashcroft said. “This bill is an example of how the legislative process should work – good government working together. I am grateful for the efforts of Representatives Haffner, Gregory, Perkins, Boyd and Senator Jason Bean, who all participated in moving this bill forward.”
The legislation, sponsored by Haffner (R-55), would restrict foreign businesses or persons from owning more than one-half of one percent of the total acreage of agricultural land in the state. Proposed acquisitions of agricultural land by foreign investment would need to be submitted to the secretary of state and the attorney general for review.
Six states forbid any foreign landholdings, and some, like Missouri, put caps on how much land can be held by foreign entities. Regulating foreign land ownership is necessary for several reasons, including protecting Missouri’s food base.
“We all know our state is heavily dependent on agriculture,” Ashcroft said. “We need to protect Missouri farmland and farmers wanting to preserve generational land ownership while promoting economic growth and stability in Missouri.”
Ashcroft will continue to work closely with the legislature and others in efforts to finalize the bill.