Bill Sponsor
House Bill 2737
117th Congress(2021-2022)
Modernizing Agricultural and Manufacturing Bonds Act
Introduced
Introduced
Introduced in House on Apr 21, 2021
Overview
Text
Introduced
Apr 21, 2021
Latest Action
Apr 21, 2021
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
2737
Congress
117
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
Sponsorship by Party
Democrat
Florida
Republican
Illinois
House Votes (0)
Senate Votes (0)
No House votes have been held for this bill.
Summary

Modernizing Agricultural and Manufacturing Bonds Act

This bill modifies provisions relating to qualified small issue bonds for manufacturing purposes by expanding 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 $50 million the maximum bond size limitation.

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 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.

Text (1)
April 21, 2021
Actions (2)
04/21/2021
Referred to the House Committee on Ways and Means.
04/21/2021
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:48:38 PM