H.R. 5422 · 116th Congress
Modernizing Agricultural and Manufacturing Bonds Act
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
MurphySponsor2 cosponsors · 1 D, 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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…
What it does: CRS summary · Introduced in House · Dec 12, 2019
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Modernizing Agricultural and Manufacturing Bonds Act
Latest action (Dec 12, 2019): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Dec 12, 2019
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.