Foreign land ownership laws updated

Senators passed a measure April 3 that updates restrictions on foreign ownership of land in Nebraska.

LB7, sponsored by Niobrara Sen. Barry DeKay, clarifies that Native American tribes are not foreign governments and not subject to provisions of the state’s Foreign-owned Real Estate National Security Act.

Among other changes, the measure also:
• restricts foreign corporations or any nonresident alien from holding or operating leases for oil, gas or other hydrocarbon substance;
• clarifies that entities that do not have unresolved national security concerns as determined by the Committee on Foreign Investment in the U.S. are not considered restricted entities under the act; and
• requires the state attorney general to promptly notify the governor and the Legislature of real estate ordered to be divested by the court under the act.

Lawmakers passed LB7 on a 47-0 vote.