Sec. 0.5. (a) The prohibition on ownership of agricultural land established by this chapter does not apply to the following: (1) Agricultural land that is used for research or experimental purposes, including testing, developing, or producing seeds or plants for sale or resale to farmers as seed stock. (2) The acquisition by a foreign business […]
Sec. 1. As used in this chapter, “agricultural land” means land for use in crop farming or timber production. As added by P.L.156-2022, SEC.2.
Sec. 2. As used in this chapter, “crop farming” means the cultivation of land for the production of agricultural crops, consisting of plants or plant products that can be grown and harvested exclusively for profit or subsistence. As added by P.L.156-2022, SEC.2.
Sec. 3. (a) As used in this chapter, “foreign business entity” means: (1) a corporation, professional corporation, nonprofit corporation, limited liability company, partnership, or limited partnership that is organized under the laws of another country; or (2) the equivalent of any entity described in subdivision (1). (b) The term includes an agent, trustee, or fiduciary […]
Sec. 4. (a) Except as provided in section 0.5 of this chapter, after June 30, 2022, a foreign business entity may not acquire by grant, purchase, devise, descent, or otherwise any agricultural land located within Indiana for the purposes of crop farming or timber production. (b) Except as provided in section 0.5 of this chapter, […]
Sec. 5. In the case of agricultural land for which development of the agricultural land for a purpose other than crop farming or timber production is pending, the agricultural land may be leased to a person who is not subject to this chapter for crop farming or timber production. As added by P.L.156-2022, SEC.2.
Sec. 6. (a) A foreign business entity that acquires, sells, or transfers agricultural land located within Indiana for the purposes of crop farming or timber production after June 30, 2022, must report the acquisition, sale, or transfer to: (1) the secretary of state; and (2) the attorney general; not later than thirty (30) days after […]
