Raatz recently supported a bill that will limit the amount of Indiana agriculture land a foreign business can purchase.
INDIANAPOLIS - China, over the past two decades, has outpaced the U.S. economy by increasingly manufacturing goods we consume and it has come at a cost of an estimated 3.7 million American jobs. In addition, as of 2020, China has bought up to 192,000 acres of farmland in the U.S. While the U.S. remains the top exporter of agricultural products, with more than $100 billion in agriculture exports each year, the Chinese Communist Party has enacted a "One Belt One Road" program in an effort to control a greater piece of China's food supply chain.
As a result, concerns surrounding local farmers' ability to retain their land and Indiana's ability to control our agricultural economic development have arisen, especially within Senate District 27. According to my 2022 constituent survey, 96% of constituents believe foreign businesses should be restricted in their ability to own Indiana farmland.
To protect Indiana's land from foreign entities and alleviate their concerns, I supported Senate Enrolled Act 388, which will limit the amount of Indiana agriculture land a foreign business can purchase, unless the acreage is meant to be used for non-agriculture business purposes.
This new law will also prohibit a foreign business entity that currently owns agricultural land in Indiana from transferring the acreage to another foreign entity after June 30, 2022. Land acquired, sold or transferred in violation of this law would be subject to forfeiture to the state.
In light of Russia's invasion of Ukraine and Indiana's support of Ukraine's fight to protect their home, SEA 388 also strictly prohibits any Russian business or citizen from acquiring property in Indiana from July 1, 2022 to June 30, 2023. This timeframe can always be extended by the General Assembly.
It is important to defend the land our ancestors cultivated and support local farmers who continue to build their livelihoods on Indiana soil. SEA 388 will play an integral part in protecting Indiana from threats to our local food supply chain.
If you have any questions or concerns on these or other topics, feel free to contact me at Senator.Raatz@iga.in.gov or 317-233-0930.
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