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Support for Farmers and Manufacturers: New Bond Rules and Tax Relief

This act modifies rules for bonds that assist small manufacturing businesses and farmers. It aims to ease access to financing by increasing limits and broadening the definition of manufacturing facilities, potentially fostering local business growth and job creation.
Key points
Manufacturing facilities can now use bonds for a wider range of activities, including intangible property production and functionally related facilities.
Financing limits for small manufacturing businesses are increased from $10 million to $30 million, and the aggregate limit per taxpayer from $40 million to $120 million, with inflation adjustments.
First-time farmers can receive greater financial support, as the bond limit for them has increased from $450,000 to $1 million, with inflation adjustments.
The definition of 'substantial farmland' for first-time farmers is made easier to determine, based on average rather than median farm size.
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Additional Information
Print number: 118_HR_3787
Sponsor: Rep. LaHood, Darin [R-IL-16]
Process start date: 2023-06-01
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Modernizing Agricultural and Manufacturing Bonds Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_3787.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-06-01.

What are the main provisions?

Key points include:

  • Manufacturing facilities can now use bonds for a wider range of activities, including intangible property production and functionally related facilities.
  • Financing limits for small manufacturing businesses are increased from $10 million to $30 million, and the aggregate limit per taxpayer from $40 million to $120 million, with inflation adjustments.
  • First-time farmers can receive greater financial support, as the bond limit for them has increased from $450,000 to $1 million, with inflation adjustments.
  • The definition of 'substantial farmland' for first-time farmers is made easier to determine, based on average rather than median farm size.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. LaHood, Darin [R-IL-16].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Taxes Agriculture Economy