Higher Tax Exempt Limits for Small Manufacturers and Support for New Farmers.
This law significantly raises the financial limits for tax-exempt bonds used to finance small and medium manufacturing facilities. It also makes it easier for new farmers to acquire land and equipment by increasing the amount they can finance using these bonds from $450,000 to $1,000,000. The goal is to stimulate local economies, support innovation, and lower entry barriers for new agricultural entrepreneurs.
Key points
The financing limit for small manufacturing facilities using tax-exempt bonds increases from $10 million to $30 million.
The definition of a manufacturing facility is expanded to include the production of intangible property (like patents or software), supporting innovative companies.
The maximum amount first-time farmers can use for land and equipment purchases via these bonds increases to $1 million.
All new financial limits for manufacturing and agriculture will be adjusted annually for inflation.
Expired
Citizen Poll