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Virginia Code Title 55.1. Property and Conveyances § 55.1-509. Reporting requirements

Current as of January 01, 2025 | Updated by Findlaw Staff

A. Based on the reports submitted to it pursuant to the federal Agricultural Foreign Investment Disclosure Act, 7 U.S.C. § 3501 et seq., and other information the Department, at its discretion, deems appropriate, the Department shall compile an annual report in consultation with the appropriate state agencies and boards for each calendar year containing all of the following, if available:

1. The total amount of agricultural land that is under foreign ownership;

2. The percentage change in foreign ownership of agricultural land in the Commonwealth for each year over the prior 10 years;

3. The purpose for which foreign-owned agricultural land in the Commonwealth is being used currently. To the extent such information is available, the Department shall also include any significant recent changes or trends in the uses of foreign-owned agricultural land in the Commonwealth;

4. With the assistance of relevant state agencies, information regarding the extent of, and any recent changes in, foreign ownership of energy production, storage, or distribution facilities in the Commonwealth to the extent such information is available; and

5. Any legislative, regulatory, or administrative policy changes the Department recommends in light of the information in this report.

B. The Department shall publish its inaugural report pursuant to subsection A on its website no later than July 1, 2023, and each subsequent report pursuant to subsection A no later than July 1 of each following year. The Department shall also deliver copies of such report to the Governor, the General Assembly, and the Chairmen of the Senate Committee on Agriculture, Conservation and Natural Resources and the House Committee on Agriculture, Chesapeake and Natural Resources.

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Cite this article: FindLaw.com - Virginia Code Title 55.1. Property and Conveyances § 55.1-509. Reporting requirements - last updated January 01, 2025 | https://codes.findlaw.com/va/title-55-1-property-and-conveyances/va-code-sect-55-1-509/

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