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   &lt;pre&gt;[Congressional Record Volume 167, Number 69 (Wednesday, April 21, 2021)][House]From the Congressional Record Online through the Government Publishing Office [&lt;a href="https://www.gpo.gov"&gt;www.gpo.gov&lt;/a&gt;]By Mrs. MURPHY of Florida:H.R. 2737.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 3: ``To regulate Commerce withforeign Nations, and among the several States, and with theIndian Tribes.''Article I, Section 8, Clause 18: ``To make all Laws whichshall be necessary and proper for carrying into the Executionthe foregoing Powers, and all other Powers vested by thisConstitution in the Government of the United States, or inany Department or Officer thereof.''[Page H2056]&lt;/pre&gt;
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     &lt;p&gt;&lt;b&gt;Modernizing Agricultural and Manufacturing Bonds Act&lt;/b&gt;&lt;/p&gt; &lt;p&gt;This bill modifies provisions relating to qualified small issue bonds for manufacturing purposes by expanding the definition of &lt;em&gt;manufacturing facility&lt;/em&gt; 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 $50 million the maximum bond size limitation. &lt;/p&gt; &lt;p&gt;The bill 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) revise the definition of &lt;em&gt;substantial farmland&lt;/em&gt; 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.&lt;/p&gt;
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   Modernizing Agricultural and Manufacturing Bonds Act
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     Modernizing Agricultural and Manufacturing Bonds Act
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     To amend the Internal Revenue Code of 1986 to modify certain rules applicable to qualified small issue manufacturing bonds, to expand certain exceptions to the private activity bond rules for first-time farmers, and for other purposes.
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H11100
2021-04-21
Ways and Means Committee
hswm00
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Referred to the House Committee on Ways and Means.
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2021-04-21
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hswm00
Standing
L000585
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Rep. LaHood, Darin [R-IL-18]
LaHood
R
2021-04-21
IL
Congressional Research Service, Library of Congress
This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
2021-04-21
2021-04-21
Referred to the House Committee on Ways and Means.
House
Taxation
2022-08-16
Became Public Law No: 117-169.
CRS
Related bill
Inflation Reduction Act of 2022
HR
M001202
7
Stephanie
Rep. Murphy, Stephanie N. [D-FL-7]
N
Murphy
N.
D
FL
Agricultural equipment and machinery Farmland Income tax exclusion Industrial facilities Inflation and prices Manufacturing Securities
2021-04-21
Introduced in House
 <p><b>Modernizing Agricultural and Manufacturing Bonds Act</b></p> <p>This bill modifies provisions relating to qualified small issue bonds for manufacturing purposes by expanding the definition of <em>manufacturing facility</em> 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 $50 million the maximum bond size limitation. </p> <p>The bill 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) revise the definition of <em>substantial farmland</em> 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.</p>
2021-08-26T18:25:51Z
00
2021-04-21T04:00:00Z
Introduced in House
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Modernizing Agricultural and Manufacturing Bonds Act
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Modernizing Agricultural and Manufacturing Bonds Act
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2023-01-11T13:48:38Z
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2022-08-16
Became Public Law No: 117-169.
CRS
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Inflation Reduction Act of 2022
HR
H11100
2021-04-21
Ways and Means Committee
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Rep. LaHood, Darin [R-IL-18]
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2021-04-21
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Agricultural equipment and machinery Farmland Income tax exclusion Industrial facilities Inflation and prices Manufacturing Securities
2021-04-21
Introduced in House
 <p><b>Modernizing Agricultural and Manufacturing Bonds Act</b></p> <p>This bill modifies provisions relating to qualified small issue bonds for manufacturing purposes by expanding the definition of <em>manufacturing facility</em> 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 $50 million the maximum bond size limitation. </p> <p>The bill 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) revise the definition of <em>substantial farmland</em> 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.</p>
2021-08-26T18:25:51Z
00
Modernizing Agricultural and Manufacturing Bonds Act
Modernizing Agricultural and Manufacturing Bonds Act
Display Title
IH
Introduced in House
To amend the Internal Revenue Code of 1986 to modify certain rules applicable to qualified small issue manufacturing bonds, to expand certain exceptions to the private activity bond rules for first-time farmers, and for other purposes.
Official Title as Introduced
IH
Introduced in House
Modernizing Agricultural and Manufacturing Bonds Act
Short Title(s) as Introduced
2021-04-21
Referred to the House Committee on Ways and Means.