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House File 542 - IntroducedA Bill ForAn Act 1prohibiting the government of, and persons and entities
2from, the People’s Republic of China, and companies or
3persons under control of the communist party of China, from
4acquiring or owning real property located in the state.
5BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 9I.1, Code 2023, is amended by adding the
2following new subsection:
3 NEW SUBSECTION. 6. “Ultimate beneficial owner” shall mean
4the natural person who ultimately controls or owns specific
5real property, or on whose behalf a real property transaction
6is conducted.
7 Sec. 2. Section 9I.2, Code 2023, is amended to read as
8follows:
99I.2 Alien rights Real property — nonresident aliens and
10foreign governments.
111. A nonresident alien, foreign business or foreign
12government may acquire, by grant, purchase, devise, or descent,
13 real property, except agricultural land or any interest in
14agricultural land in this state, and may own, hold, devise, or
15alienate the real property, and shall incur the same duties and
16liabilities in relation thereto as a citizen and resident of
17the United States.
182. Notwithstanding subsection 1, effective July 1, 2023,
19the government of the People’s Republic of China shall not
20acquire by grant, purchase, devise, or descent any real
21property located in this state.
223. Notwithstanding subsection 1, effective July 1, 2023,
23a corporation incorporated under the laws of the government
24of the People’s Republic of China, or a business entity
25whether or not incorporated, in which a majority interest
26is owned directly or indirectly by nonresident aliens from
27the People’s Republic of China shall not acquire by grant,
28purchase, devise, or descent any real property located in
29this state. Legal entities, including but not limited to
30trusts, holding companies, multiple corporations, and other
31business arrangements, shall not affect the determination of
32ownership or control of the foreign business. If a corporation
33incorporated under the laws of the government of the People’s
34Republic of China, or a business entity whether or not
35incorporated, in which a majority interest is owned directly
-1-1or indirectly by nonresident aliens from the People’s Republic
2of China owns or holds real property in this state on July 1,
32023, the corporation or business entity shall divest itself
4of all right, title, and interest in the real property before
5December 31, 2023.
64. Notwithstanding subsection 1, effective July 1, 2023, a
7company or a person under the control of the communist party
8of China shall not acquire by grant, purchase, devise, or
9descent any real property located in this state. If a company
10or a person under the control of the communist party of China
11owns or holds real property in this state on July 1, 2023, the
12company or person shall divest itself of all right, title, and
13interest in the real property before December 31, 2023.
14 Sec. 3. Section 9I.3, Code 2023, is amended by adding the
15following new subsection:
16 NEW SUBSECTION. 5. a. Notwithstanding subsections 1, 2, 3,
17and 4, the government of the People’s Republic of China shall
18not purchase or otherwise acquire agricultural land in this
19state. If the government of the People’s Republic of China
20owns or holds agricultural land in this state on July 1, 2023,
21the government of the People’s Republic of China shall divest
22itself of all right, title, and interest in the agricultural
23land before December 31, 2023.
24b. Notwithstanding subsections 1, 2, 3, and 4, a corporation
25incorporated under the laws of the government of the People’s
26Republic of China, or a business entity whether or not
27incorporated, in which a majority interest is owned directly or
28indirectly by nonresident aliens from the People’s Republic of
29China shall not purchase or otherwise acquire agricultural land
30in this state. If a corporation incorporated under the laws of
31the government of the People’s Republic of China, or a business
32entity whether or not incorporated, in which a majority
33interest is owned directly or indirectly by nonresident aliens
34from the People’s Republic of China owns or holds agricultural
35land in this state on July 1, 2023, the corporation or business
-2-1entity shall divest itself of all right, title, and interest in
2the agricultural land before December 31, 2023.
3c. Notwithstanding subsections 1, 2, 3, and 4, a company
4or a person under the control of the communist party of China
5shall not purchase or otherwise acquire agricultural land in
6this state. If a company or a person under the control of the
7communist party of China owns or holds agricultural land in
8this state on July 1, 2023, the company or person shall divest
9itself of all right, title, and interest in the agricultural
10land before December 31, 2023.
11 Sec. 4. Section 9I.5, Code 2023, is amended to read as
12follows:
139I.5 Land acquired by devise or descent.
141. A nonresident alien, foreign business or foreign
15government, or an agent, trustee or fiduciary thereof, which
16acquires agricultural land or an interest in agricultural
17land, by devise or descent after January 1, 1980, shall divest
18itself of all right, title and interest in the land within two
19years from the date of acquiring the land or interest. This
20section shall not require divestment of agricultural land or an
21interest in agricultural land, acquired by devise or descent
22from a nonresident alien, if such land or an interest in such
23land was acquired by any nonresident alien prior to July 1,
241979.
252. If the government of the People’s Republic of China,
26acquired real property or an interest in real property by
27devise or descent on or before July 1, 2023, the government
28of the People’s Republic of China shall divest itself of all
29right, title, and interest in the land before December 31,
302023.
313. If a corporation incorporated under the laws of the
32government of the People’s Republic of China, or a business
33entity whether or not incorporated, in which a majority
34interest is owned directly or indirectly by nonresident aliens
35from the People’s Republic of China, acquired real property or
-3-1an interest in real property by devise or descent on or before
2July 1, 2023, the corporation or business entity shall divest
3itself of all right, title, and interest in the land before
4December 31, 2023.
54. If a company or a person under the control of the
6communist party of China acquired real property or an interest
7in real property by devise or descent on or before July 1,
82023, the company or person shall divest itself of all right,
9title, and interest in the agricultural land before December
1031, 2023.
11 Sec. 5. Section 9I.6, Code 2023, is amended to read as
12follows:
139I.6 Change of status — divestment.
141. A person or business which purchases or otherwise
15acquires agricultural land in this state except by devise or
16descent, after January 1, 1980, and whose status changes so
17that it becomes a foreign business or nonresident alien subject
18to this chapter, shall divest itself of all right, title and
19interest in the land within two years from the date that its
20status changed.
212. A person or business which purchased or otherwise
22acquired real property in this state except by devise or
23descent, and whose status changed so that the person or
24business is affiliated in any way with the government of the
25People’s Republic of China or the communist party of China,
26shall divest itself of all right, title, and interest in the
27land before December 31, 2023.
283. A person or business which purchased or otherwise
29acquired real property in this state except by devise
30or descent, and whose status changed so that the person
31or business is affiliated in any way with a corporation
32incorporated under the laws of the government of the People’s
33Republic of China or the communist party of China, shall divest
34itself of all right, title, and interest in the land before
35December 31, 2023.
-4-1 Sec. 6. Section 9I.10, Code 2023, is amended to read as
2follows:
39I.10 Enforcement.
41. a. If the secretary of state finds that a nonresident
5alien, foreign business, foreign government, or an agent,
6trustee, or other fiduciary thereof, has acquired or holds
7title to or interest in agricultural land in this state in
8violation of this chapter or has failed to timely register as
9required under section 9I.7 or has failed to timely report as
10required under section 9I.8, the secretary shall report the
11violation to the attorney general.
12b. If a county recorder finds that the government of the
13People’s Republic of China has acquired or holds title to or
14interest in real property located in this state in violation of
15this chapter, the county recorder shall report the violation
16to the attorney general.
17c. If a county recorder finds that a corporation
18incorporated under the laws of the government of the People’s
19Republic of China, or a business entity whether or not
20incorporated, in which a majority interest is owned directly
21or indirectly by nonresident aliens from the People’s Republic
22of China has acquired or holds title to or interest in real
23property in this state in violation of this chapter, the county
24recorder shall report the violation to the attorney general.
25d. If a county recorder finds that a company or person under
26the control of the communist party of China has acquired or
27holds title to or interest in real property in this state in
28violation of this chapter, the county recorder shall report the
29violation to the attorney general.
302. a. Upon receipt of the a report from the secretary of
31state or a county recorder under subsection 1, the attorney
32general shall initiate an action in the district court of any
33county in which the land is located.
343. b. The attorney general shall file a notice of the
35pendency of the action with the recorder of deeds of each
-5-1county in which any of the land is located. If the court
2finds that the land in question has been acquired or held in
3violation of this chapter or the required registration has not
4been timely filed, it shall enter an order so declaring and
5shall file a copy of the order with the recorder of deeds of
6each county in which any portion of the land is located.
7 Sec. 7. NEW SECTION. 9I.13 Ultimate beneficial owner —
8presumption.
9If the ultimate beneficial owner of any real property
10located in this state cannot be one hundred percent determined,
11the presumption shall be that the real property is owned by a
12resident of the People’s Republic of China.
13 Sec. 8. NEW SECTION. 9I.14 Foreign lands administration
14tax.
15Effective January 1, 2024, a monthly foreign lands
16administrative tax of ten percent of the fair market value of
17any real property in this state that is owned by a company or a
18person under the control of the communist party of China, the
19government of the People’s Republic of China, a corporation
20incorporated under the laws of the government of the People’s
21Republic of China, or a business entity whether or not
22incorporated, in which a majority interest is owned directly
23or indirectly by nonresident aliens from the People’s Republic
24of China, or an ultimate beneficial owner under section 9I.13
25shall be charged to the owner and shall be a lien on the real
26property.
27 Sec. 9. NEW SECTION. 9I.15 Tax sale.
28Notwithstanding any law to the contrary, on December
291, 2024, the county treasurer of each county in which real
30property is located on which the foreign lands administrative
31tax under section 9I.14 is delinquent, shall offer such real
32property at public sale pursuant to chapter 446.
33 Sec. 10. NEW SECTION. 9I.16 Treasurer of state —
34administrator of trust.
35Notwithstanding any law to the contrary, on January 1, 2025,
-6-1any real property located in this state that is owned by a
2company or a person under the control of the communist party
3of China, the government of the People’s Republic of China, a
4corporation incorporated under the laws of the government of
5the People’s Republic of China, or a business entity whether
6or not incorporated, in which a majority interest is owned
7directly or indirectly by nonresident aliens from the People’s
8Republic of China, or an ultimate beneficial owner under
9section 9I.13, shall be placed in a trust administered by the
10treasurer of state. The Iowa public employees’ retirement
11system shall be the beneficiary of the trust.
12EXPLANATION
13The inclusion of this explanation does not constitute agreement with
14the explanation’s substance by the members of the general assembly.
15This bill prohibits the government of, and persons and
16entities from, the People’s Republic of China, and companies or
17persons under the control of the communist party of China, from
18acquiring or owning real property located in the state.
19The bill provides that effective July 1, 2023, the
20government of the People’s Republic of China (government), a
21corporation incorporated under the laws of the government of
22the People’s Republic of China (corporation) or a business
23entity whether or not incorporated in which a majority interest
24is owned directly or indirectly by nonresident aliens from the
25People’s Republic of China (entity), and a company or a person
26under the control of the communist party (company or person) of
27China shall not acquire by grant, purchase, devise, or descent
28any real property, including agricultural land, located in this
29state. If the government, corporation, entity, company, or
30person owns or holds real property in this state on July 1,
312023, the government, corporation, entity, company, or person
32shall divest itself of all right, title, and interest in the
33real property before December 31, 2023.
34If real property, including agricultural land, was acquired
35by the government, corporation, entity, company, or person by
-7-1devise or descent on or before July 1, 2023, the government,
2corporation, entity, company, or person shall divest itself
3of all right, title, and interest in the real property before
4December 31, 2023.
5A person or business which purchased or otherwise acquired
6real property in this state except by devise or descent,
7and whose status changed so that the person or business is
8affiliated in any way with the government, corporation, entity,
9or a company or person shall divest itself of all right, title,
10and interest in the land before December 31, 2023.
11The bill provides that if a county recorder finds that
12a government, corporation, entity, company, or person has
13violated a requirement of the bill, the county recorder shall
14report the violation to the attorney general. Upon receipt of
15a report of a violation, the attorney general shall initiate
16an action in the district court of any county in which the land
17is located.
18Under the bill, if the ultimate beneficial owner of any
19real property located in this state cannot be 100 percent
20determined, the presumption shall be that the real property is
21owned by a resident of the government. “Ultimate beneficial
22owner” is defined in the bill.
23Effective January 1, 2024, the bill imposes a monthly
24foreign lands administrative tax of 10 percent of the fair
25market value of any real property in this state that is owned
26by the government, corporation, entity, company, person, or
27an ultimate beneficial owner, and the tax shall be a lien on
28the real property. Notwithstanding any law to the contrary,
29on December 1, 2024, the county treasurer of each county in
30which real property is located on which the foreign lands
31administrative tax is delinquent shall offer such real estate
32at public sale pursuant to Code chapter 446.
33Notwithstanding any law to the contrary, on January 1, 2025,
34the bill provides that any real property located in this state
35that is owned by the government, corporation, entity, company,
-8-1person, or an ultimate beneficial owner, shall be placed in a
2trust administered by the treasurer of state. The Iowa public
3employees’ retirement system shall be the beneficiary of the
4trust.
-9-ko/ns
2from, the People’s Republic of China, and companies or
3persons under control of the communist party of China, from
4acquiring or owning real property located in the state.
5BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 9I.1, Code 2023, is amended by adding the
2following new subsection:
3 NEW SUBSECTION. 6. “Ultimate beneficial owner” shall mean
4the natural person who ultimately controls or owns specific
5real property, or on whose behalf a real property transaction
6is conducted.
7 Sec. 2. Section 9I.2, Code 2023, is amended to read as
8follows:
99I.2 Alien rights Real property — nonresident aliens and
10foreign governments.
111. A nonresident alien, foreign business or foreign
12government may acquire, by grant, purchase, devise, or descent,
13 real property, except agricultural land or any interest in
14agricultural land in this state, and may own, hold, devise, or
15alienate the real property, and shall incur the same duties and
16liabilities in relation thereto as a citizen and resident of
17the United States.
182. Notwithstanding subsection 1, effective July 1, 2023,
19the government of the People’s Republic of China shall not
20acquire by grant, purchase, devise, or descent any real
21property located in this state.
223. Notwithstanding subsection 1, effective July 1, 2023,
23a corporation incorporated under the laws of the government
24of the People’s Republic of China, or a business entity
25whether or not incorporated, in which a majority interest
26is owned directly or indirectly by nonresident aliens from
27the People’s Republic of China shall not acquire by grant,
28purchase, devise, or descent any real property located in
29this state. Legal entities, including but not limited to
30trusts, holding companies, multiple corporations, and other
31business arrangements, shall not affect the determination of
32ownership or control of the foreign business. If a corporation
33incorporated under the laws of the government of the People’s
34Republic of China, or a business entity whether or not
35incorporated, in which a majority interest is owned directly
-1-1or indirectly by nonresident aliens from the People’s Republic
2of China owns or holds real property in this state on July 1,
32023, the corporation or business entity shall divest itself
4of all right, title, and interest in the real property before
5December 31, 2023.
64. Notwithstanding subsection 1, effective July 1, 2023, a
7company or a person under the control of the communist party
8of China shall not acquire by grant, purchase, devise, or
9descent any real property located in this state. If a company
10or a person under the control of the communist party of China
11owns or holds real property in this state on July 1, 2023, the
12company or person shall divest itself of all right, title, and
13interest in the real property before December 31, 2023.
14 Sec. 3. Section 9I.3, Code 2023, is amended by adding the
15following new subsection:
16 NEW SUBSECTION. 5. a. Notwithstanding subsections 1, 2, 3,
17and 4, the government of the People’s Republic of China shall
18not purchase or otherwise acquire agricultural land in this
19state. If the government of the People’s Republic of China
20owns or holds agricultural land in this state on July 1, 2023,
21the government of the People’s Republic of China shall divest
22itself of all right, title, and interest in the agricultural
23land before December 31, 2023.
24b. Notwithstanding subsections 1, 2, 3, and 4, a corporation
25incorporated under the laws of the government of the People’s
26Republic of China, or a business entity whether or not
27incorporated, in which a majority interest is owned directly or
28indirectly by nonresident aliens from the People’s Republic of
29China shall not purchase or otherwise acquire agricultural land
30in this state. If a corporation incorporated under the laws of
31the government of the People’s Republic of China, or a business
32entity whether or not incorporated, in which a majority
33interest is owned directly or indirectly by nonresident aliens
34from the People’s Republic of China owns or holds agricultural
35land in this state on July 1, 2023, the corporation or business
-2-1entity shall divest itself of all right, title, and interest in
2the agricultural land before December 31, 2023.
3c. Notwithstanding subsections 1, 2, 3, and 4, a company
4or a person under the control of the communist party of China
5shall not purchase or otherwise acquire agricultural land in
6this state. If a company or a person under the control of the
7communist party of China owns or holds agricultural land in
8this state on July 1, 2023, the company or person shall divest
9itself of all right, title, and interest in the agricultural
10land before December 31, 2023.
11 Sec. 4. Section 9I.5, Code 2023, is amended to read as
12follows:
139I.5 Land acquired by devise or descent.
141. A nonresident alien, foreign business or foreign
15government, or an agent, trustee or fiduciary thereof, which
16acquires agricultural land or an interest in agricultural
17land, by devise or descent after January 1, 1980, shall divest
18itself of all right, title and interest in the land within two
19years from the date of acquiring the land or interest. This
20section shall not require divestment of agricultural land or an
21interest in agricultural land, acquired by devise or descent
22from a nonresident alien, if such land or an interest in such
23land was acquired by any nonresident alien prior to July 1,
241979.
252. If the government of the People’s Republic of China,
26acquired real property or an interest in real property by
27devise or descent on or before July 1, 2023, the government
28of the People’s Republic of China shall divest itself of all
29right, title, and interest in the land before December 31,
302023.
313. If a corporation incorporated under the laws of the
32government of the People’s Republic of China, or a business
33entity whether or not incorporated, in which a majority
34interest is owned directly or indirectly by nonresident aliens
35from the People’s Republic of China, acquired real property or
-3-1an interest in real property by devise or descent on or before
2July 1, 2023, the corporation or business entity shall divest
3itself of all right, title, and interest in the land before
4December 31, 2023.
54. If a company or a person under the control of the
6communist party of China acquired real property or an interest
7in real property by devise or descent on or before July 1,
82023, the company or person shall divest itself of all right,
9title, and interest in the agricultural land before December
1031, 2023.
11 Sec. 5. Section 9I.6, Code 2023, is amended to read as
12follows:
139I.6 Change of status — divestment.
141. A person or business which purchases or otherwise
15acquires agricultural land in this state except by devise or
16descent, after January 1, 1980, and whose status changes so
17that it becomes a foreign business or nonresident alien subject
18to this chapter, shall divest itself of all right, title and
19interest in the land within two years from the date that its
20status changed.
212. A person or business which purchased or otherwise
22acquired real property in this state except by devise or
23descent, and whose status changed so that the person or
24business is affiliated in any way with the government of the
25People’s Republic of China or the communist party of China,
26shall divest itself of all right, title, and interest in the
27land before December 31, 2023.
283. A person or business which purchased or otherwise
29acquired real property in this state except by devise
30or descent, and whose status changed so that the person
31or business is affiliated in any way with a corporation
32incorporated under the laws of the government of the People’s
33Republic of China or the communist party of China, shall divest
34itself of all right, title, and interest in the land before
35December 31, 2023.
-4-1 Sec. 6. Section 9I.10, Code 2023, is amended to read as
2follows:
39I.10 Enforcement.
41. a. If the secretary of state finds that a nonresident
5alien, foreign business, foreign government, or an agent,
6trustee, or other fiduciary thereof, has acquired or holds
7title to or interest in agricultural land in this state in
8violation of this chapter or has failed to timely register as
9required under section 9I.7 or has failed to timely report as
10required under section 9I.8, the secretary shall report the
11violation to the attorney general.
12b. If a county recorder finds that the government of the
13People’s Republic of China has acquired or holds title to or
14interest in real property located in this state in violation of
15this chapter, the county recorder shall report the violation
16to the attorney general.
17c. If a county recorder finds that a corporation
18incorporated under the laws of the government of the People’s
19Republic of China, or a business entity whether or not
20incorporated, in which a majority interest is owned directly
21or indirectly by nonresident aliens from the People’s Republic
22of China has acquired or holds title to or interest in real
23property in this state in violation of this chapter, the county
24recorder shall report the violation to the attorney general.
25d. If a county recorder finds that a company or person under
26the control of the communist party of China has acquired or
27holds title to or interest in real property in this state in
28violation of this chapter, the county recorder shall report the
29violation to the attorney general.
302. a. Upon receipt of the a report from the secretary of
31state or a county recorder under subsection 1, the attorney
32general shall initiate an action in the district court of any
33county in which the land is located.
343. b. The attorney general shall file a notice of the
35pendency of the action with the recorder of deeds of each
-5-1county in which any of the land is located. If the court
2finds that the land in question has been acquired or held in
3violation of this chapter or the required registration has not
4been timely filed, it shall enter an order so declaring and
5shall file a copy of the order with the recorder of deeds of
6each county in which any portion of the land is located.
7 Sec. 7. NEW SECTION. 9I.13 Ultimate beneficial owner —
8presumption.
9If the ultimate beneficial owner of any real property
10located in this state cannot be one hundred percent determined,
11the presumption shall be that the real property is owned by a
12resident of the People’s Republic of China.
13 Sec. 8. NEW SECTION. 9I.14 Foreign lands administration
14tax.
15Effective January 1, 2024, a monthly foreign lands
16administrative tax of ten percent of the fair market value of
17any real property in this state that is owned by a company or a
18person under the control of the communist party of China, the
19government of the People’s Republic of China, a corporation
20incorporated under the laws of the government of the People’s
21Republic of China, or a business entity whether or not
22incorporated, in which a majority interest is owned directly
23or indirectly by nonresident aliens from the People’s Republic
24of China, or an ultimate beneficial owner under section 9I.13
25shall be charged to the owner and shall be a lien on the real
26property.
27 Sec. 9. NEW SECTION. 9I.15 Tax sale.
28Notwithstanding any law to the contrary, on December
291, 2024, the county treasurer of each county in which real
30property is located on which the foreign lands administrative
31tax under section 9I.14 is delinquent, shall offer such real
32property at public sale pursuant to chapter 446.
33 Sec. 10. NEW SECTION. 9I.16 Treasurer of state —
34administrator of trust.
35Notwithstanding any law to the contrary, on January 1, 2025,
-6-1any real property located in this state that is owned by a
2company or a person under the control of the communist party
3of China, the government of the People’s Republic of China, a
4corporation incorporated under the laws of the government of
5the People’s Republic of China, or a business entity whether
6or not incorporated, in which a majority interest is owned
7directly or indirectly by nonresident aliens from the People’s
8Republic of China, or an ultimate beneficial owner under
9section 9I.13, shall be placed in a trust administered by the
10treasurer of state. The Iowa public employees’ retirement
11system shall be the beneficiary of the trust.
12EXPLANATION
13The inclusion of this explanation does not constitute agreement with
14the explanation’s substance by the members of the general assembly.
15This bill prohibits the government of, and persons and
16entities from, the People’s Republic of China, and companies or
17persons under the control of the communist party of China, from
18acquiring or owning real property located in the state.
19The bill provides that effective July 1, 2023, the
20government of the People’s Republic of China (government), a
21corporation incorporated under the laws of the government of
22the People’s Republic of China (corporation) or a business
23entity whether or not incorporated in which a majority interest
24is owned directly or indirectly by nonresident aliens from the
25People’s Republic of China (entity), and a company or a person
26under the control of the communist party (company or person) of
27China shall not acquire by grant, purchase, devise, or descent
28any real property, including agricultural land, located in this
29state. If the government, corporation, entity, company, or
30person owns or holds real property in this state on July 1,
312023, the government, corporation, entity, company, or person
32shall divest itself of all right, title, and interest in the
33real property before December 31, 2023.
34If real property, including agricultural land, was acquired
35by the government, corporation, entity, company, or person by
-7-1devise or descent on or before July 1, 2023, the government,
2corporation, entity, company, or person shall divest itself
3of all right, title, and interest in the real property before
4December 31, 2023.
5A person or business which purchased or otherwise acquired
6real property in this state except by devise or descent,
7and whose status changed so that the person or business is
8affiliated in any way with the government, corporation, entity,
9or a company or person shall divest itself of all right, title,
10and interest in the land before December 31, 2023.
11The bill provides that if a county recorder finds that
12a government, corporation, entity, company, or person has
13violated a requirement of the bill, the county recorder shall
14report the violation to the attorney general. Upon receipt of
15a report of a violation, the attorney general shall initiate
16an action in the district court of any county in which the land
17is located.
18Under the bill, if the ultimate beneficial owner of any
19real property located in this state cannot be 100 percent
20determined, the presumption shall be that the real property is
21owned by a resident of the government. “Ultimate beneficial
22owner” is defined in the bill.
23Effective January 1, 2024, the bill imposes a monthly
24foreign lands administrative tax of 10 percent of the fair
25market value of any real property in this state that is owned
26by the government, corporation, entity, company, person, or
27an ultimate beneficial owner, and the tax shall be a lien on
28the real property. Notwithstanding any law to the contrary,
29on December 1, 2024, the county treasurer of each county in
30which real property is located on which the foreign lands
31administrative tax is delinquent shall offer such real estate
32at public sale pursuant to Code chapter 446.
33Notwithstanding any law to the contrary, on January 1, 2025,
34the bill provides that any real property located in this state
35that is owned by the government, corporation, entity, company,
-8-1person, or an ultimate beneficial owner, shall be placed in a
2trust administered by the treasurer of state. The Iowa public
3employees’ retirement system shall be the beneficiary of the
4trust.
-9-ko/ns