This bill requires states that receive certain federal program funds to restrict the purchase of agricultural land by a covered foreign country. Covered foreign country means a country included in Department of State regulations as subject to certain prohibitions (i.e., Belarus, Burma, China, Cuba, Iran, North Korea, Syria, and Venezuela), as well as Russia.

Specifically, a state may not receive funds for certain programs funded by the Inflation Reduction Act of 2022 (e.g., certain energy efficiency and conservation programs) unless that state has a law prohibiting a covered foreign country (or persons acting on behalf of the country) from purchasing agricultural land in the state. Further, a state must require that a person from a covered foreign country that holds agricultural land in the state prior to the state law's enactment submit an annual report to the state on the agricultural holdings.

The Department of Agriculture must submit a report to Congress on how the Agricultural Foreign Investment Disclosure Act of 1978 should be updated to ensure accurate documentation and monitoring of foreign investment in agricultural land.

The Government Accountability Office must submit a report to Congress that includes (1) an assessment of this bill's impact on national security, and (2) any measures that can be taken to better secure U.S. real estate from foreign manipulation.