To address concerns surrounding the ownership of agricultural land by foreign entities, Indiana has recently introduced a new law. Governor Eric Holcomb signed this legislation into effect in March 2023.
The law prohibits foreign entities from owning land in Indiana, except for specific circumstances such as land designated for research or experimental purposes. It also allows for the ownership of up to 320 acres of land for crop cultivation or up to 10 acres for timber production. Notably, the law also includes a one-year moratorium specifically targeting Russian businesses and citizens, preventing them from acquiring land within the state.
The law's proponents argue that it is necessary to protect Indiana's food supply and national security. They point to the fact that China is the world's largest agricultural importer and that the Chinese government has been investing in agricultural land around the world. They worry that if foreign entities were to acquire large amounts of agricultural land in Indiana, they could use it to manipulate food prices or even disrupt the state's food supply.
The law's opponents argue that it is discriminatory and that it will harm the state's economy. They point out that foreign investment has helped to boost Indiana's agricultural industry in recent years. They also argue that the law will make it more difficult for farmers to sell their land and that it will drive up the price of land.
The law is currently being challenged in court. A group of landowners filed a lawsuit arguing that the law is unconstitutional. The case is still pending.
The law's passage is a sign of the growing concerns about foreign ownership of agricultural land. Other states are considering similar legislation, and it is possible that the federal government will take action to restrict foreign land ownership.
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Categories: Indiana, Government & Policy