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FIRST ON FOX: Foreign entities are snatching up U.S. real estate, even when Americans cannot buy property in their nations, according to Rep. Pat Harrigan, R-N.C., who told Fox News Digital he is introducing legislation to fix the problem.

His bill, the Real Estate Reciprocity Act, would slap a 50% tax on real estate purchases by foreign nationals and entities who have government ties if their governments do not allow Americans to buy property in those countries.

It would require all foreign nationals who purchase land to file with the IRS and require the secretary of state to report each year on which foreign countries prohibit U.S. citizens from owning real estate.

TEXAS PUSHES BACK AGAINST FOREIGN LAND GRAB WITH 'STRONGEST BILL IN THE NATION' AGAINST CHINA, IRAN,

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