LB 1188

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                              LEGISLATURE OF NEBRASKA
                           ONE HUNDRED NINTH LEGISLATURE
                                  SECOND SESSION
                    LEGISLATIVE BILL 1188
    Introduced by DeKay, 40; Andersen, 49; Bostar, 29.
    Read first time January 21, 2026
    Committee: Agriculture
1    A BILL FOR AN ACT relating to the Foreign-owned Real Estate National
2Security    Act;    to   amend   sections   76-3702   and   76-3703,   Revised
3Statutes    Supplement,    2025;    to   update   a   federal   reference;   to
4prohibit ownership of real estate in adversary nations by the state
5and any political subdivision thereof; and to repeal the original
6sections.
7    Be it enacted by the people of the State of Nebraska,
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1Section 1. Section 76-3702, Revised Statutes Supplement, 2025, is
2  amended to read:
376-3702     For    purposes   of   the    Foreign-owned     Real   Estate   National
4  Security Act:
5(1) Foreign corporation means a corporation incorporated under the
6  laws of a jurisdiction outside of the United States that would be a
7  business corporation if incorporated under the laws of this state. A
8  corporation incorporated in any state or territory of the United States
9 or territory of any Indian tribe of the United States is not a foreign
10    corporation;
11(2) Foreign government means a government other than the federal
12  government of the United States, the government of any territory or
13     possession    of   the   United   States,     or    the   government   of   any   state,
14  political subdivision of a state, or Indian tribe;
15(3) Indian tribe means an Indian tribe or band which is recognized
16  by federal law or formally acknowledged by the state;
17(4) Nonresident alien means any human being who:
18(a) Is not a citizen of the United States;
19(b) Is not a national of the United States;
20(c) Is not a lawful permanent resident of the United States; and
21(d) Has not been physically present in the United States for at
22  least    one    hundred     eighty-three    days   during    a   three-year    period    that
23 includes the current year and the two years immediately preceding the
24    current year;
25(5) Person means a human being, corporation, business trust, estate,
26  trust,     partnership,       limited      liability    company,     association,       joint
27     venture, agency, or instrumentality, or any other legal or commercial
28  entity; and
29(6) Restricted entity means:
30(a) Any person identified on the sanctions lists maintained by the
31  Office of Foreign Assets Control of the United States Department of the
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1  Treasury as such sanctions lists existed on January 1, 2026 2025; or
2(b) Any person or foreign government determined by the United States
3     Secretary of Commerce to have engaged in a long-term pattern or serious
4     instances of conduct significantly adverse to the national security of
5  the United States pursuant to 15 C.F.R. 791.4, as such regulation existed
6     on February 7, 2025.
7Sec.   2.   Section    76-3703,    Revised       Statutes    Supplement,       2025,    is
8     amended to read:
976-3703 (1) Except as provided in the Foreign-owned Real Estate
10     National   Security    Act,   a   nonresident     alien,    foreign       corporation,      or
11  foreign government, or an agent, trustee, or fiduciary thereof:
12(a) Shall not purchase, acquire title to, or take any real estate or
13  any leasehold interest extending for a period for more than five years or
14  any other greater interest less than fee in any real estate in this state
15  by descent, devise, purchase or otherwise on or after January 1, 2025;
16  and
17(b) Shall be in compliance with the federal Agricultural Foreign
18  Investment Disclosure Act of 1978, 7 U.S.C. 3501 et seq., with respect to
19  any real estate in Nebraska.
20(2) Except as provided in the Foreign-owned Real Estate National
21     Security   Act,    a      restricted     entity,      nonresident  alien,     foreign
22     corporation,    foreign    government,    or    an    agent,     trustee,    or    fiduciary
23  thereof, who on or after January 1, 2025, purchases, acquires title to,
24  or takes any real estate or any leasehold interest in violation of the
25  Foreign-owned      Real   Estate     National     Security    Act    shall     be    subject   to
26  divestment as prescribed under section 76-3712.
27(3) Any person, nonresident alien, foreign corporation, or foreign
28     government, or agent, trustee, or fiduciary thereof, of an excepted real
29  estate foreign state as determined by the Committee on Foreign Investment
30 in the United States pursuant to 31 C.F.R. 802.1001(a) and 802.214, as
31    such regulations existed on January 1, 2025, is exempt from the Foreign-
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1  owned Real Estate National Security Act except for any restricted entity,
2  or agent, trustee, or fiduciary thereof.
3(4) The State of Nebraska and any political subdivision thereof
4 shall    be   prohibited   from   owning   any   interest   in   real   estate   in   an
5    adversary nation as defined in section 4-203.
6Sec. 3.    Original sections 76-3702 and 76-3703, Revised Statutes
7 Supplement, 2025, are repealed.
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