Latest news with #SenateBill17
Time of India
07-07-2025
- Business
- Time of India
Texas just blocked these 4 countries from buying land — the new law shakes things up, here's what it means
Which countries are affected and why? Live Events What's actually banned under the new law? FAQs (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Texas recently passed a law that has already sparked national debate. With national security in mind, the state is prohibiting citizens and businesses from four countries from purchasing landand the consequences could be will reportedly now prohibit China, Russia, Iran, and North Korea from purchasing land beginning September 1, 2025. The purchase of land and property by specific foreign nationals and entities is being outlawed by a major U.S. move is being framed as a national security measure, but critics believe it will lead to racial discrimination. The law imposes stiff penalties and applies to almost all types of property, including homes and Texas Governor Greg Abbott signed Senate Bill 17 into law, making it illegal for people and groups from North Korea, China, Russia, and Iran to purchase real estate in the Lone Star State. These nations are listed as threats in the U.S. Intelligence Community's 2025 Annual Threat Assessment, as per a report by term "real property" as defined by the bill, is broad and includes standing timber, commercial and industrial properties, residential properties, agricultural land, mines, minerals, and groundwater and water are considered state jail felonies under the law, and the civil penalties are $250,000 or 50% of the market value of the property, whichever is higher. Additionally, on September 1, 2025, the bill will go into effect."Gov. Abbott signed our bill to shield Texas from the influence of hostile foreign countries," said State Representative Cole Hefner, who co-authored the bill. "This is about defending Texas—our way of life, our security, and our sovereignty."Since people may be denied business opportunities even if they do not fit into this category, critics of the bill warn that it could result in discrimination. They may cut their losses and declare they will not sell to Asians of any kind after state representative Gene Wu warns that people may be turned away from Asian September 1, 2025, citizens, companies, and governments from China, Russia, Iran, and North Korea will be prohibited from purchasing real estate in includes residential and commercial real estate, farmland, mineral rights, and even water access.
Yahoo
05-07-2025
- Business
- Yahoo
Texas just passed a law banning China, Russia, Iran and North Korea from buying land within its borders
Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. A major U.S. state is moving forward with a sweeping ban on land and property purchases by certain foreign nationals and entities. Texas Governor Greg Abbott recently signed Senate Bill 17 into law, prohibiting individuals and organizations from China, Russia, Iran and North Korea from acquiring real property in the Lone Star State. These countries are identified as threats in the 2025 Annual Threat Assessment of the U.S. Intelligence Community. The bill's definition of 'real property' is broad, covering residential properties, commercial and industrial properties, agricultural land, mines, minerals, groundwater and water rights and standing timber. It's a serious measure: Under the law, violations are classified as state jail felonies and carry civil penalties of $250,000 or 50% of the property's market value — whichever is greater. And the bill is set to take effect on Sept. 1, 2025. 'Gov. Abbott signed our bill to protect Texas from the influence of hostile foreign nations,' said State Rep. Cole Hefner, a co-author of the legislation in a statement. 'This is about defending Texas — our sovereignty, our security, and our way of life.' @placement But critics warn the bill could lead to discrimination. 'People may be turned away from business opportunities even if they are not falling into this category, because most people don't know who's Chinese and who's Japanese and who's anything or what their immigration status (is),' said State Rep. Gene Wu. 'They're going to see [an] Asian face, and they're going to say, 'I'm not sure if I can legally sell to you. I might get in trouble. I'm just going to cut my losses and say we're not going to sell to Asian people of any kind.'' According to the Congressional Research Service, 'at least 22 states enacted legislation regulating foreign ownership of real property' between January 2023 and July 2024. While measures like Texas's new law highlight the national security concerns around foreign land ownership, they also underscore just how valuable U.S. real estate remains — and why so many investors continue to see it as a cornerstone of wealth building. In 2022, when illustrating what a productive asset looks like, legendary investor Warren Buffett famously said that if you offered him '1% of all the apartment houses in the country' for $25 billion, he would 'write you a check.' Why? Because no matter what's happening in the broader economy, people still need a place to live and apartments can consistently produce rent money. Real estate also serves as a natural hedge against inflation. When inflation rises, property values often increase as well, reflecting the higher costs of materials, labor and land. At the same time, rental income tends to go up, providing landlords with a revenue stream that adjusts with inflation. @placement Over the past five years, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index has surged more than 50%. And while high home prices and elevated mortgage rates mean buying a home can be a challenge, investing in real estate has become easier than ever thanks to crowdfunding platforms like Arrived. Backed by world class investors like Jeff Bezos, Arrived allows you to invest in shares of rental homes with as little as $100, all without the hassle of mowing lawns, fixing leaky faucets or handling difficult tenants. The process is simple: Browse a curated selection of homes that have been vetted for their appreciation and income potential. Once you find a property you like, select the number of shares you'd like to purchase, and then sit back as you start receiving positive rental income distributions from your investment. Another option is Homeshares, which gives accredited investors access to the $35 trillion U.S. home equity market — a space that's historically been the exclusive playground of institutional investors. With a minimum investment of $25,000, investors can gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning or managing property. With risk-adjusted target returns ranging from 14% to 17%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets. @placement This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Yahoo
25-06-2025
- Business
- Yahoo
Texas the latest state with a law banning foreign adversaries from buying real estate
Texas has become the latest state to cement a ban on land and property purchases by individuals or entities from adversarial nations. Republican Gov. Greg Abbott signed Senate Bill 17 into law over the weekend, prohibiting countries identified as security threats in the intelligence community's 2025 Annual Threat Assessment, from acquiring "real property" in the state. The countries include China, Russia, Iran and North Korea, and the bill identified "real property" as agricultural land, commercial or industrial properties, residential properties and land used for mining or water use. Amid heightened global tensions, there has been an increased appetite for protecting foreign asset acquisitions in the United States. However, these efforts have been criticized by some for being overly broad, arbitrary and potentially discriminatory. Israel's Drone Strikes In Iran Show Why Us Must Halt China's Land Grab: Experts In response to Abbott's signing of S.B. 17, the nonprofit Asian Americans Advancing Justice said it was "outraged" at the legislation that the group said "creates an overly broad net that places innocent foreign nationals at risk of racial profiling." A similar defense was made by Arizona Gov. Katie Hobbs after she vetoed a bill seeking to stop Chinese land and property purchases in the state, noting the bill lacked "clear implementation criteria," which opened the door for "arbitrary enforcement." Hobbs, following backlash over her veto, subsequently described the bill as "a watered-down, weak-on-China bill," noting it allowed the communist country to purchase land near military bases for up to three years at a time, and followed up this month with her own version of the bill. Read On The Fox News App Texas's bill exempts U.S. citizens and lawful permanent residents. Individuals legally residing in the United States wishing to purchase a primary residence are also exempt, as well as leaseholders of less than a year. The Texas attorney general is authorized through the new legislation to investigate potential violations of the new law, which would be a felony. The law will go into effect on September 1. Dem Governor Ripped As 'Total Disgrace' After Vetoing Bill Limiting Chinese Land Ownership Near Military Bases Proponents of measures like the one in Texas have cited efforts by countries like China to purchase land and property near major U.S. military bases. However, it is not just land either, it is assets too. China has a strong foothold in the U.S. drone market with many law enforcement agencies using Chinese-made DJI drones. The country has also faced scrutiny for building solar converters in the U.S. that can be tapped for espionage efforts, its increasing footprint in U.S. maritime ports and penetration of other critical infrastructure. Texas's bill follows a high-profile incident earlier this month when two Chinese nationals were arrested for attempting to smuggle a dangerous biological pathogen into the United States. "Chinese companies purchasing American land, particularly near sensitive strategic and military sites, is not a coincidence. The CCP is blatantly attempting to base espionage efforts, and potentially worse, right in our backyard, and it's up to states act accordingly," said Michael Lucci, the CEO and founder of State Armor Action, a conservative group with a mission to develop and enact state-level solutions to global security threats. "Governor Abbott and the Texas legislature are right to ban foreign adversaries from purchasing land in their state. More and more states should follow their lead." Ricketts, Fetterman Team Up For Crackdown On China's Attempts To Purchase Us Farmland Per the Committee of 100, which tracks state and federal bills in the United States that restrict property ownership by foreign entities, 25 states have passed bills that restrict foreign property ownership as of Monday. That is up from 22 states as recently as March, per the committee. Meanwhile, according to the committee's tracking, 15 bills pertaining to this issue are being considered at the federal level as well. On Monday, Republicans in Congress introduced a bill aimed at increasing oversight of foreign farmland purchases, which would add the U.S. Agriculture Secretary to the Committee on Foreign Investment in the United States (CFIUS). It would also compel the U.S. Department of Agriculture to report to CFIUS any purchase of domestic agricultural land by foreign adversaries who pose risks to national security. State-level bills aimed at increasing scrutiny of foreign land and asset acquisitions from adversaries appear imminent in New Hampshire and North Carolina, if their governors grant them article source: Texas the latest state with a law banning foreign adversaries from buying real estate
Fox News
25-06-2025
- Business
- Fox News
Texas the latest state with a law banning foreign adversaries from buying real estate
Texas has become the latest state to cement a ban on land and property purchases by individuals or entities from adversarial nations. Republican Gov. Greg Abbott signed Senate Bill 17 into law over the weekend, prohibiting countries identified as security threats in the intelligence community's 2025 Annual Threat Assessment, from acquiring "real property" in the state. The countries include China, Russia, Iran and North Korea, and the bill identified "real property" as agricultural land, commercial or industrial properties, residential properties and land used for mining or water use. Amid heightened global tensions, there has been an increased appetite for protecting foreign asset acquisitions in the United States. However, these efforts have been criticized by some for being overly broad, arbitrary and potentially discriminatory. In response to Abbott's signing of S.B. 17, the nonprofit Asian Americans Advancing Justice said it was "outraged" at the legislation that the group said "creates an overly broad net that places innocent foreign nationals at risk of racial profiling." A similar defense was made by Arizona Gov. Katie Hobbs after she vetoed a bill seeking to stop Chinese land and property purchases in the state, noting the bill lacked "clear implementation criteria," which opened the door for "arbitrary enforcement." Hobbs, following backlash over her veto, subsequently described the bill as "a watered-down, weak-on-China bill," noting it allowed the communist country to purchase land near military bases for up to three years at a time, and followed up this month with her own version of the bill. Texas's bill exempts U.S. citizens and lawful permanent residents. Individuals legally residing in the United States wishing to purchase a primary residence are also exempt, as well as leaseholders of less than a year. The Texas attorney general is authorized through the new legislation to investigate potential violations of the new law, which would be a felony. The law will go into effect on September 1. Proponents of measures like the one in Texas have cited efforts by countries like China to purchase land and property near major U.S. military bases. However, it is not just land either, it is assets too. China has a strong foothold in the U.S. drone market with many law enforcement agencies using Chinese-made DJI drones. The country has also faced scrutiny for building solar converters in the U.S. that can be tapped for espionage efforts, its increasing footprint in U.S. maritime ports and penetration of other critical infrastructure. Texas's bill follows a high-profile incident earlier this month when two Chinese nationals were arrested for attempting to smuggle a dangerous biological pathogen into the United States. "Chinese companies purchasing American land, particularly near sensitive strategic and military sites, is not a coincidence. The CCP is blatantly attempting to base espionage efforts, and potentially worse, right in our backyard, and it's up to states act accordingly," said Michael Lucci, the CEO and founder of State Armor Action, a conservative group with a mission to develop and enact state-level solutions to global security threats. "Governor Abbott and the Texas legislature are right to ban foreign adversaries from purchasing land in their state. More and more states should follow their lead." Per the Committee of 100, which tracks state and federal bills in the United States that restrict property ownership by foreign entities, 25 states have passed bills that restrict foreign property ownership as of Monday. That is up from 22 states as recently as March, per the committee. Meanwhile, according to the committee's tracking, 15 bills pertaining to this issue are being considered at the federal level as well. On Monday, Republicans in Congress introduced a bill aimed at increasing oversight of foreign farmland purchases, which would add the U.S. Agriculture Secretary to the Committee on Foreign Investment in the United States (CFIUS). It would also compel the U.S. Department of Agriculture to report to CFIUS any purchase of domestic agricultural land by foreign adversaries who pose risks to national security. State-level bills aimed at increasing scrutiny of foreign land and asset acquisitions from adversaries appear imminent in New Hampshire and North Carolina, if their governors grant them approval.
Yahoo
13-06-2025
- Business
- Yahoo
California bill that would have reduced taxes on tips dies in committee
( — A bill in the California legislature that would have exempted some tipped income from taxes has stalled in committee before ever making it to a floor vote, the bill's author said. Senator Rosilicie Ochoa Bogh (R-Yucaipa) said Senate Bill 17 was held by the Senate Appropritions Committee. 'I am incredibly disappointed that the committee has failed to recognize the importance of providing tax relief to hardworking service industry employees,' said Senator Ochoa Bogh. 'Tips are not guaranteed income, they fluctuate and are dependent on the generosity of customers. This is not the end of the fight. I will continue advocating for the service industry workers who depend on tips to afford California's high cost of living.' The Senate Appropriations Committee did not provide a reason for holding the bill, but a spokesperson for Bogh's office noted that the committee's analysis showed the bill would have reduced the state's tax revenue by $180 million in its first full year in effect. The bill would have exempted up to $20,000 in tips for taxpayers who met three conditions: Work a job where they regularly receive more $20 per month in tips Do not currently hold a professional license issued by the Department of Consumer Affairs (with an exception for people licensed by the State Board of Barbering and Cosmetology) Have an adjusted gross income of less than: $250,000 if they file taxes as a head of household, a surviving spouse, or jointly with their spouse Or less than $125,000 as any other type of filer Bogh's office said the restriction on state-licensed professionals was added after the Senate Revenue and Taxation Committee pointed out that professional service providers such as tax preparers could charge minimally for their services while taking an outsized tip to benefit from the bill. That committee unanimously passed the bill after it was amended. On June 6, the California Legislature passed its annual 'House of Origin' deadline, after which, bills that have not been passed out of the chamber they originated in can not move forward. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
