A bill to amend the Internal Revenue Code of 1954 to deny the tax exemption for interest on industrial development bonds used to finance the acquisition of farm property by foreign persons.

Amends the Internal Revenue Code to deny the tax exclusion for interest on industrial development bonds used to finance the acquisition of farm property by foreign persons.

Defines a "foreign person" as: (1) any individual who is not a citizen or national of the United States; (2) any foreign corporation, foreign partnership, foreign trust, or foreign estate; (3) any domestic corporation more than ten percent of the value of the stock of which is held by one or more foreign persons; (4) any domestic partnership more than ten percent of the capital or profits interest in which is held by one or more foreign persons; or (5) any domestic trust more than ten percent of the beneficial interests in which is held by one or more foreign persons.