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ASCS News
By TOM TAYLOR
ASC8
Agricultural Investment Act
The Agricultural Foreign Investment Disclosure Act of 1978 became effective on February 2, 1979 and requires any foreign person who acquires or transfers any interest other than a security interest in agricultural land to submit a completed ASCS-153 to the Secretary of Agriculture not later than 90 days after the date of acquisition or transfer.
The information required by the Secretary is inclined on Form ASCS153. Copies of this form may be obtained from the county ASCS office. The form should be completed and returned to the Rappahannock County ASCS Office, P.O. Box 89, Washington, Va. 22747.
Any foreign person who holds, acquires or transfers any interest in agricultural land who the Secretary of Agriculture determines failed to submit a report ASCS-153 or who knowingly submitted a report which is incomplete, misleading or false is subject to civil penalty not to exceed 25 percent of the fair market of the land on the date of the assessment of the penalty.
The reports shall be analyzed by the United States Department of Agriculture for issue to Congress and the Department of Agriculture in each state. The reports and the analysis shall be available for public inspection at the Department of Agriculture located in the District of Columbia.
If you have any questions concerning the Act, please contact your county ASCS office, telephone 703-675-3616.
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