The Taylor County Farm Service Agency is reminding foreign agricultural landowners of the Agricultural Foreign Investment Disclosure Act of 1978.
The act requires any foreign person who:
- Acquires or transfers any interest other than a security interest in agricultural land to submit a completed FSA-153 to the Secretary of Agriculture not later than 90 calendar days after the date of acquisition or transfer.
- Held any interest, other than a security interest, in agricultural land on Feb. 1, 1979, to have submitted a report to the secretary not later than Aug. 1, 1979.
Those who do not submit the required form or submits an incomplete, false or misleading information is subject to civil penalty of not more than 25 percent of the fair market value on the date the penalty is assessed.
For more information, contact the Taylor County FSA Office at 465-4651.