Block · one region of the page, as the scanner read it. It may hold a whole story, part of one, several, or an advertisement; stitching blocks into articles is the next step. Text is supplied OCR.
Page 4 · column 1 of 9 · from the scan, no model involved
All ownersnip snares or five per cent or more must be reported, as well as all ownership of one acre or more on which the annual income gross is at least $1,000. The regulations are not intended to include household garden plots.
The law provides civil penalties of up to 25 per cent of the value of the land for failure to disclose foreign ownership.
Rep. Thomas S. Foley, the chairman of the House agriculture committee, said the law should not be construed as a form of federal control on who can own land. He said it is jusit a means to help Congress find out whether indeed foreign citizens are “buying up alarming amounts of US farmland.”
Foley’s disclaimer and President Jimmy Carter’s assertion when he signed the bill last Oct. 14—that foreign ownership of farmland here is still very small—apparently did not allay widespread fears. The President too emphasized only that the government “needs more information” and that some US farmers are concerned about foreign investors 1 driving up prices.
92.4%