Modifies the civil penalty provision by removing a sentence from subsection (a), limiting subsection (b) by adding an exception referencing a new subsection (c), and adding a new subsection (c) that defines 'shell corporation', sets a 100% of fair market value penalty for foreign-owned shell corporations, and provides a 60-day cure period after notice.

Revises the investigatory/monitoring provisions by replacing existing subsection text and adding required annual activities: an annual compliance audit covering not less than 10 percent of reports submitted under section 2 and annual training for State and county-level personnel to identify unreported agricultural land.

Replaces the section designation/heading and related text for reports to States and adds a new subsection requiring reports to Congress: a report within 180 days of enactment and annually thereafter based on research the Secretary must carry out on specified topics.

Adds a new authorization of appropriations provision at the end of the Act authorizing specified funding to carry out the Act.