SANCABA – Executive director of the American agency of the agricultural agriculture department, Teddy jacket in Delta, Algiers, Marquette and Schoolcraft County reminds foreign investors with an interest in agricultural land in the United States that they are required to report their land funds and their transactions to the USDA.
The law on the disclosure of agricultural foreign investments obliges foreign investors who buy, sell or have an interest in American agricultural land to report their assets and transactions to the USDA.
Foreign investors must submit the report on the AFIDA FSA-153 report with the FSA county office in the county where the ground is located. Important or complex deposits can be managed by the staff of the AFIDA headquarters in Washington, DC
According to part 781 of the title CFR 781, any foreign person who has an interest in American agricultural land is required to report their assets at the latest 90 days after the transaction date.
“Do not submit a report or submit a late or inaccurate report can cause a penalty with fines of up to 25% of the fair market value of agricultural land”, “ said jacket.
Foreign investors should point out the assets of agricultural land totaling 10 or more acres or more used for the production of agriculture, livestock or wood and leases on agricultural land aged 10 years or more.
The leaflets totaling 10 acres or less in the total and which produce gross receipts annual than $ 1,000 from the sale of agricultural, ranch, forest or wood products, must also be reported.
AFIDA reports are also necessary when there are changes in land use, such as agriculture in non -agricultural use. Foreign investors must also submit a report when there is a change in property status.
AFIDA reports is used to prepare an annual report for the congress. These annual reports in the congress, as well as more information, are available on the FSA Afida web page.
Assistance to complete the FSA-153 report can be obtained from the local FSA office. For more information on Afida or FSA programs, contact the FSA Delta / Algiers / Marquette / Schoolcraft office at 906-428-1060 Ext. 2 or visit FSA.USDA.GOV.
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