Assembly Bill 218 seeks to amend existing laws regarding foreign ownership of agricultural land in Wisconsin. The bill significantly reduces the maximum acreage that certain foreign persons can own from 640 acres to 50 acres of agricultural land. It also narrows the scope of land subject to this limitation, applying it only to land classified as agricultural for property tax purposes, while excluding forestry land. Additionally, the bill expands the definition of "covered foreign persons" to include foreign governments and raises the ownership threshold for entities to be classified as foreign-owned from 20% to 25%. The divestiture period for foreign persons who exceed the acreage limit is also reduced from four years to three years.

Furthermore, the bill introduces new prohibitions on foreign ownership of real property near military installations, specifically barring covered foreign persons from acquiring any real property within 10 miles of such installations. It allows for certain exceptions, such as interests used to secure debt repayment or interests acquired through inheritance. The bill also prohibits foreign adversaries, as defined by the U.S. Department of Commerce, from owning any interest in real property in Wisconsin, with any such interests being forfeited to the state. Overall, the bill aims to tighten restrictions on foreign ownership of land in Wisconsin, particularly in sensitive areas and sectors.

Statutes affected:
Bill Text: 710.01, 710.02(title), 710.02