S.2100

Modernizing Agricultural and Manufacturing Bonds Act increases dollar limits for certain bonds and expands exceptions for first-time farmers.

The Modernizing Agricultural and Manufacturing Bonds Act amends the Internal Revenue Code to increase dollar limits for certain bonds and expand exceptions for first-time farmers. It raises the dollar limitation for first-time farmers from $450,000 to $1,000,000. The bill also modifies rules for qualified small issue manufacturing bonds, including expanding the definition of manufacturing facilities to include those producing intangible property and functionally related facilities.