Farmland Security Act of 2023

The Farmland Security Act of 2023 amends the Agricultural Foreign Investment Disclosure Act to strengthen oversight of foreign ownership of U.S. farmland. It increases civil penalties for foreign-owned shell corporations (defined as entities with no real operations) to 100% of the land's fair market value and requires these entities to correct filings within 60 days to avoid penalties. The bill mandates annual audits of 10% of foreign land ownership reports and directs the Secretary to conduct annual research on foreign agricultural leasing, land purchases by shell corporations, and impacts on family farms. It also requires annual reports to Congress on these findings and authorizes $2 million yearly for implementation through fiscal year 2028.