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or exchange of farmland they own in the U. S. No such exemption from tax is emjoyed by American investors, so the situation is inherently unfair.”
“It gives the foreign investor a guaranteed advantage in land transactions that is unavailable to American farmers,” Robinson maintained. “For example, it has been determined that if farmland were to appreciate at 8 per cent a year a foreign investor would be able to pay up to 15 per cent more for land than his domestic counterpart due to the capital gains exemption. In Virginia, the average appreciation in farmland in 1977 was 11 per cent, as measured by real estate value, and 8 per cent, as measured in terms of average per-acre cost. The average appreciation of U. S. farmland in 1977 is estimated to have been 16 per cent.”
“Our bill would end this tax inequity, and stop giving foreign-based investors an incentive for profiteering in U. S. farmland in periods of escalating land prices,” Robinson said.
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