Modernizing Agricultural and Manufacturing Bonds Act amends tax code to increase bond limits and expand exceptions for farmers.

The Modernizing Agricultural and Manufacturing Bonds Act amends the Internal Revenue Code to increase the dollar limits for certain tax-exempt bonds. It raises the limit for manufacturing and agricultural facilities, increases the aggregate limit per taxpayer, and expands the definition of manufacturing facilities to include those producing intangible property and functionally related facilities. The bill also repeals a separate lower dollar limitation on used farm equipment and adjusts the dollar limitation for first-time farmers.

Modernizing Agricultural and Manufacturing Bonds Act amends tax code to increase bond limits and expand exceptions for farmers.

The Modernizing Agricultural and Manufacturing Bonds Act amends the Internal Revenue Code to increase the dollar limits for certain tax-exempt bonds. It raises the limit for manufacturing and agricultural facilities, increases the aggregate limit per taxpayer, and expands the definition of manufacturing facilities to include those producing intangible property and functionally related facilities. The bill also repeals a separate lower dollar limitation on used farm equipment and adjusts the dollar limitation for first-time farmers.