Lawmakers are advancing a bill aiming to shed light on foreign ownership of South Dakota farmland.
The House Ag and Natural Resources Committee passed House Bill 1189 Thursday.
It requires all entities that own agricultural land to disclose if they have any foreign interests in their corporate filings.
Rep. Will Mortenson of Pierre sponsored the bill. He said it closes a loophole.
“Right now, foreign governments, foreign individuals, are banned from owning more than 160 acres of ag land in South Dakota. That’s current law," Mortenson said. "But an entity that would be wholly owned by a foreign government or foreign person, if it was a South Dakota LLC, or a South Dakota Partnership, or a South Dakota corporation, could have entirely foreign owners. And not only would we not know, that’s not illegal. That’s the loophole.”
Gov. Kristi Noem's general counsel said the bill compliments Noem's efforts tightening land ownership laws. She previously said she wants to prevent “countries that hate us” – like China – from buying ag land in South Dakota.
The bill passed committee in a 13-0 vote. It now heads to the House floor.
