The bill establishes restrictions on foreign ownership of agricultural land in Wyoming, defining key terms such as "agricultural land," "foreign business," "foreign government," and "foreign person." It prohibits foreign entities from purchasing or acquiring agricultural land, while allowing those who already own such land as of July 1, 2023, to retain ownership but not transfer it to another foreign entity. Additionally, it mandates that foreign owners register their agricultural land with the Secretary of State within 60 days of the effective date and update this registration annually. Failure to comply with the registration requirement incurs a civil penalty of $5,000 per day.

Furthermore, the bill amends existing tax assessment procedures to include notifications regarding the prohibition of foreign ownership of agricultural land. Specifically, assessment schedules and tax statements must inform taxpayers of the registration requirement for foreign ownership as outlined in the new law. The Secretary of State is tasked with enforcing these provisions, including reporting violations to the Attorney General, who may take legal action to ensure compliance. The act is effective immediately upon its passage.

Statutes affected:
Introduced: 39-13-103, 39-13-107