Modernizing Agricultural and Manufacturing Bonds Act
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Summary
This bill amends the Internal Revenue Code to expand tax-exempt bond financing for manufacturing and agricultural purposes. It broadens the definition of qualified small issue manufacturing bonds to include intangible property production and functionally related facilities, increases the bond issuance limits from $10 million to $30 million per project and from $40 million to $120 million per taxpayer, and includes inflation adjustments. The bill also increases the dollar limit for first-time farmer bond financing from $450,000 to $1 million and changes the farmland size calculation from median to average.
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