The bill amends the Foreign-owned Real Estate National Security Act by updating federal references and introducing new provisions regarding real estate ownership by the state and its political subdivisions. Specifically, it prohibits the State of Nebraska and any political subdivision from owning any interest in real estate located in adversary nations, as defined in section 4-203. Additionally, the bill clarifies the definitions of various terms related to foreign entities and individuals, including "foreign corporation," "foreign government," and "restricted entity," with a specific update to the sanctions lists referenced in the definition of "restricted entity" to reflect the status as of January 1, 2026.

Furthermore, the bill outlines restrictions on nonresident aliens, foreign corporations, and foreign governments regarding the acquisition of real estate in Nebraska, effective January 1, 2025. It mandates compliance with the federal Agricultural Foreign Investment Disclosure Act and establishes consequences for violations, including divestment. The original sections of the law being amended are repealed, ensuring that the updated provisions take precedence.

Statutes affected:
Introduced: 76-3702, 76-3703