Modernizing Agricultural and Manufacturing Bonds Act
Latest action · Dec 12, 2019 Referred to the House Committee on Ways and Means.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedDec 12, 2019
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Modernizing Agricultural and Manufacturing Bonds Act
This bill amends the Internal Revenue Code, with respect to qualified small issue bonds for manufacturing purposes, to expand the definition of "manufacturing facility" to include a facility that (1) is used in the creation or production of intangible property; or (2) is functionally related, subordinate to, and located on the same site as a facility used in the manufacturing or production of tangible or intangible personal property. The bill also increases from $10 million to $30 million the maximum bond size limitation.
The bill also modifies requirements for private activity bond financing for first-time farmers. The modified provisions (1) increase from $450,000 to $552,500 (adjusted annually for inflation) the amount of bond proceeds that may be used by a first-time farmer to acquire land for farming purposes, (2) repeal the separate dollar limitation on the use of bond proceeds for used farm equipment, and (3) modify the definition of "substantial farmland" to determine farm size by reference to the average (instead of median) size of a farm in the county in which the farm is located.
Cosponsors 2
Members who signed on, in the order they did. Signatures ran from Dec 12, 2019 to Mar 2, 2020, with 1 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-IL | Darin LaHood | Original | Dec 12, 2019 |
| D-IL | Danny K. Davis | Mar 2, 2020 |
Actions 2
Everything that happened, newest first.
- Dec 12, 2019Introduced in House
- Dec 12, 2019Referred to the House Committee on Ways and Means.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 5007 | Farmers’ Access to Resources and Machinery Act | Related bill | Nov 8, 2019 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Dec 12, 2019Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.