Archive for Thursday, November 5, 2009

Service agencies issue land-holdings reminder

November 5, 2009

Norma J. McConkey, county executive director of the Jefferson/Leavenworth/Wyandotte County Farm Service Agency, reminds foreign investors who buy, sell or hold a direct or indirect interest in agricultural lands in the United States that they are required under the Agricultural Foreign Investment Disclosure Act to report their holdings and transactions to the U.S. Secretary of Agriculture.

The Secretary of Agriculture has delegated the responsibility for collecting this information to the Farm Service Agency. According to McConkey, foreign investors buying or selling land must report such transactions within 90 days of the date of the sale. Failure to file an accurate or timely report can result in a penalty with fines up to 25 percent of the fair market value of the agricultural land.

Farm Service Agency form FSA-153 is used to report land holdings and transactions. The completed form must be returned to the FSA county office where the land is located.

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