Modernizing Agricultural and Manufacturing Bonds Act

This bill changes federal tax rules for certain tax-exempt bonds that help small manufacturers and first-time farmers borrow money. It widens the definition of a manufacturing facility to include facilities that create certain intangible property, such as patents or software, and related facilities on the same site. It raises the small manufacturing bond limit from $10 million to $30 million and the per-taxpayer limit from $40 million to $120 million, with future increases tied to inflation. For first-time farmers, it raises the bond limit from $450,000 to $1,000,000, removes the separate lower limit for used farm equipment, and measures "substantial farmland" using average rather than median farm size.

Full text and official record on Congress.gov

Sponsors

• Darin LaHood Republican sponsor
• 4 cosponsors