3.0.0 5007 2022-11-01T05:02:34Z 2022-11-01T05:02:34Z House HR 2019-11-08 116 [Congressional Record Volume 165, Number 179 (Friday, November 8, 2019)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Ms. FINKENAUER:H.R. 5007.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 3: ``The Congress shall havePower . . . to regulate Commerce with foreign Nations, andamong the several States, and with the Indian Tribes.''[Page H8740]]]> hswm00 Ways and Means Committee House Standing Referred to 2019-11-08T18:03:30Z Modernizing Agricultural and Manufacturing Bonds Act 116 5422 HR 2019-12-12 Referred to the House Committee on Ways and Means. Related bill CRS 2019-11-08 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2019-11-08 Introduced in House IntroReferral Intro-H 9 Library of Congress 2019-11-08 Introduced in House IntroReferral 1000 9 Library of Congress F000467 Rep. Finkenauer, Abby [D-IA-1] Abby Finkenauer D IA 1 N C001087 Rep. Crawford, Eric A. "Rick" [R-AR-1] Eric Crawford R AR A. "Rick" 1 2019-11-08 True A000378 Rep. Axne, Cynthia [D-IA-3] Cynthia Axne D IA 3 2019-11-08 True L000565 Rep. Loebsack, David [D-IA-2] David Loebsack D IA 2 2019-11-08 True W000824 Rep. Watkins, Steve [R-KS-2] Steve Watkins R KS 2 2019-11-08 True F000449 Rep. Fortenberry, Jeff [R-NE-1] Jeff Fortenberry R NE 1 2019-11-08 True Taxation Agricultural equipment and machinery Farmland Income tax exclusion Inflation and prices Securities Taxation 00 2019-11-08 Introduced in House 2019-12-03T18:29:42Z Farmers' Access to Resources and Machinery Act

This bill amends the Internal Revenue Code, with respect to private activity bond financing for first-time farmers, to (1) increase from $450,000 to $524,200 (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) modify 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.

]]> Farmers’ Access to Resources and Machinery Act Display Title Farmers’ Access to Resources and Machinery Act Official Title as Introduced To amend the Internal Revenue Code of 1986 to expand certain exceptions to the private activity bond rules for first-time farmers, and for other purposes. Introduced in House IH Short Title(s) as Introduced Farmers’ Access to Resources and Machinery Act Introduced in House IH Introduced in House 2019-11-08T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr5007ih/xml/BILLS-116hr5007ih.xml 2019-11-08 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.