Text: H03729                            Text: H03731
Text: H03700 - H03799                   Text: H Index
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House Amendment 3730

Amendment Text

PAG LIN
  1  1    Amend House File 521 as follows:
  1  2    #1.  Page 1, line 1, by striking the word and
  1  3 figure "and 4" and inserting the following:  "4, and
  1  4 5".
  1  5    #2.  Page 2, by inserting after line 20 the
  1  6 following:
  1  7    "5.  "Beneficial ownership" includes interests held
  1  8 by a nonresident alien individual directly or
  1  9 indirectly holding or acquiring a ten percent or
  1 10 greater share in the partnership, limited partnership,
  1 11 corporation, limited liability company, or trust, or
  1 12 directly or indirectly through two or more such
  1 13 entities.  In addition, the term beneficial ownership
  1 14 shall include interests held by all nonresident alien
  1 15 individuals if the nonresident alien individuals in
  1 16 the aggregate directly or indirectly hold or acquire
  1 17 twenty-five percent or more of the partnership,
  1 18 limited partnership, corporation, limited liability
  1 19 company, or trust."
  1 20    #3.  Page 2, by inserting after line 34 the
  1 21 following:
  1 22    "Sec.    .  Section 9H.1, subsection 18, Code 1995,
  1 23 is amended by striking the subsection.
  1 24    Sec.    .  Section 567.3, subsection 1, Code 1995,
  1 25 is amended to read as follows:
  1 26    1.  A nonresident alien, foreign business or
  1 27 foreign government, or an agent, trustee or fiduciary
  1 28 thereof, shall not purchase or otherwise acquire
  1 29 agricultural land in this state.  A nonresident alien,
  1 30 foreign business or foreign government, or an agent,
  1 31 trustee or fiduciary thereof, which owns or holds
  1 32 agricultural land in this state on January 1, 1980,
  1 33 may continue to own or hold the land, but shall not
  1 34 purchase or otherwise acquire additional agricultural
  1 35 land in this state.  For purposes of this chapter, a
  1 36 nonresident alien, foreign business, or foreign
  1 37 government, or an agent, trustee, or fiduciary
  1 38 thereof, shall be deemed to have purchased or
  1 39 otherwise acquired agricultural land in this state, if
  1 40 the nonresident alien, foreign business, or foreign
  1 41 government, or the agent, trustee, or fiduciary,
  1 42 becomes a general partner in a partnership which
  1 43 holds, acquires, or leases agricultural land, or
  1 44 becomes a shareholder in a corporation, authorized
  1 45 farm corporation, or family farm corporation; or
  1 46 becomes a member of a limited liability company,
  1 47 authorized limited liability company, or family farm
  1 48 limited liability company; or becomes a limited
  1 49 partner in a limited partnership or a family farm
  1 50 limited partnership; or becomes a beneficiary of a
  2  1 trust, an authorized trust, or a family trust, all as
  2  2 defined in section 9H.1, which acquires, holds, or
  2  3 leases an interest in agricultural land.
  2  4    Sec.    .  Section 567.5, Code 1995, is amended to
  2  5 read as follows:
  2  6    567.5  LAND ACQUIRED BY DEVISE OR DESCENT.
  2  7    A nonresident alien, foreign business or foreign
  2  8 government, or an agent, trustee or fiduciary thereof,
  2  9 which acquires agricultural land or an interest in
  2 10 agricultural land, by devise or descent after January
  2 11 1, 1980, shall divest itself of all right, title and
  2 12 interest in the land within two years from the date of
  2 13 acquiring the land or interest.  This section shall
  2 14 not require divestment of agricultural land or an
  2 15 interest in agricultural land, acquired by devise or
  2 16 descent from a nonresident alien, if such land or an
  2 17 interest in such land was acquired by any nonresident
  2 18 alien prior to July 1, 1979.  A nonresident alien,
  2 19 foreign business, or foreign government, or an agent,
  2 20 trustee, or fiduciary thereof, which becomes a general
  2 21 partner in a partnership; or becomes a shareholder in
  2 22 a corporation, authorized corporation, or family farm
  2 23 corporation; or becomes a member of a limited
  2 24 liability company, authorized limited liability
  2 25 company, or family farm limited liability company; or
  2 26 becomes a limited partner in a limited partnership or
  2 27 a family farm limited partnership; or becomes a
  2 28 beneficiary of a trust, an authorized trust, or a
  2 29 family trust, all as defined in section 9H.1, which
  2 30 acquires, holds, or leases agricultural land, by
  2 31 devise or descent on and after the effective date of
  2 32 this Act, shall divest itself of all right, title, and
  2 33 interest in the land within two years from the date of
  2 34 acquiring the land or interest.  This section shall
  2 35 not require divestment of an interest in any form of a
  2 36 general partnership, corporation, limited liability
  2 37 company, limited partnership, or trust which holds an
  2 38 interest in or leases agricultural land acquired by
  2 39 devise or descent from a nonresident alien, if such
  2 40 interest was acquired by any nonresident alien prior
  2 41 to the effective date of this Act."
  2 42    #4.  By renumbering as necessary.  
  2 43 
  2 44 
  2 45                              
  2 46 WEIGEL of Chickasaw
  2 47 
  2 48 
  2 49                              
  2 50 BURNETT of Story
  3  1 HF 521.306 76
  3  2 da/cf
     

Text: H03729                            Text: H03731
Text: H03700 - H03799                   Text: H Index
Bills and Amendments: General Index     Bill History: General Index

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