Sec. 2602. DEFINITIONS
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## SEC. 2602 DEFINITIONS Section 1265A of the Food Security Act of 1985 (16 U.S.C. 3865a) is amended— ####
(1)in paragraph(1)(B), by striking “**subject to an agricultural land easement plan, as approved by the Secretary**”; ####
(2)by redesignating paragraphs (2), (3), (4), and
(5)as paragraphs (3), (4), (6), and (7), respectively; ####
(3)by inserting after paragraph
(1)the following: > > #### “(2) Buy-protect-sell transaction > > > ##### “(A) In general > > The term ‘**buy-protect-sell transaction**’ means a legal arrangement— > > > ###### “(i) > > between an eligible entity and the Secretary relating to land that an eligible entity owns or is going to purchase prior to acquisition of an agricultural land easement; > > > ###### “(ii) > > under which the eligible entity certifies to the Secretary that the eligible entity shall— > > > ###### “(I) > > > ######
(aa)> > hold an agricultural land easement on that land, but transfer ownership of the land to a farmer or rancher that is not an eligible entity prior to or on acquisition of the agricultural land easement; or > > > ###### “(bb) > > hold an agricultural land easement on that land, but transfer ownership of the land to a farmer or rancher that is not an eligible entity in a timely manner and, subject to subparagraph (B), not later than 3 years after the date of acquisition of the agricultural land easement; and > > > ###### “(II) > > make an initial sale of the land subject to the agricultural land easement to a farmer or rancher at not more than agricultural value, plus any reasonable holding and transaction costs incurred by the eligible entity, as determined by the Secretary; and > > > ###### “(iii) > > under which the Secretary shall be reimbursed for the entirety of the Federal share of the cost of the agricultural land easement by the eligible entity if the eligible entity fails to transfer ownership under item
(aa)or (bb), as applicable, of clause (ii)(I). > > > ##### “(B) Time extension > > Under subparagraph (A)(ii)(I)(bb), an eligible entity may transfer land later than 3 years after the date of acquisition of the agricultural land easement if the Secretary determines an extension of time is justified.” > ; ####
(4)in paragraph
(4)(as so redesignated)— #####
(A)in subparagraph (A)(i)— ######
(i)by striking “ to a ” and inserting the following: > “to— > > > ###### “(I) > > a” > ; ######
(ii)in subclause
(I)(as so designated), by adding “**or**” at the end; and ######
(iii)by adding at the end the following: > > ##### “(II) > > a buy-protect-sell transaction;” > ; and #####
(B)in subparagraph (B)(i)(II), by striking “**, as determined by the Secretary in consultation with the Secretary of the Interior at the local level**”; and ####
(5)by inserting after paragraph
(4)(as so redesignated) the following: > > #### “(5) Monitoring report > > The term ‘**monitoring report**’ means a report, the contents of which are formulated and prepared by the holder of an agricultural land easement, that accurately documents whether the land subject to the agricultural land easement is in compliance with the terms and conditions of the agricultural land easement.” > .
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