3.0.0 5422 2022-10-28T01:45:58Z 2022-10-28T01:45:58Z House HR 2019-12-12 116 [Congressional Record Volume 165, Number 199 (Thursday, December 12, 2019)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mrs. MURPHY of Florida:H.R. 5422.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 3, ``To regulate Commercewith foreign Nations, and among the several States, and withthe Indian Tribes.'' And Article I, Section 8, Clause 18,``To make all Laws which shall be necessary and proper forcarrying into the Execution the foregoing Powers, and allother Powers vested by this Constitution in the Government ofthe United States, or in any Department of Officer thereof.''[Page H10259]]]> hswm00 Ways and Means Committee House Standing Referred to 2019-12-12T14:03:00Z Farmers’ Access to Resources and Machinery Act 116 5007 HR 2019-11-08 Referred to the House Committee on Ways and Means. Related bill CRS 2019-12-12 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2019-12-12 Introduced in House IntroReferral Intro-H 9 Library of Congress 2019-12-12 Introduced in House IntroReferral 1000 9 Library of Congress M001202 Rep. Murphy, Stephanie N. [D-FL-7] Stephanie Murphy D FL N. 7 N L000585 Rep. LaHood, Darin [R-IL-18] Darin LaHood R IL 18 2019-12-12 True D000096 Rep. Davis, Danny K. [D-IL-7] DANNY DAVIS D IL K. 7 2020-03-02 False Taxation Agricultural equipment and machinery Farmland Income tax exclusion Industrial facilities Inflation and prices Manufacturing Securities Taxation 00 2019-12-12 Introduced in House 2020-01-08T15:03:38Z Modernizing Agricultural and Manufacturing Bonds Act

This bill amends the Internal Revenue Code, with respect to qualified small issue bonds for manufacturing purposes, to expand the definition of "manufacturing facility" to include a facility that (1) is used in the creation or production of intangible property; or (2) is functionally related, subordinate to, and located on the same site as a facility used in the manufacturing or production of tangible or intangible personal property. The bill also increases from $10 million to $30 million the maximum bond size limitation.

The bill also modifies requirements for private activity bond financing for first-time farmers. The modified provisions (1) increase from $450,000 to $552,500 (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.

]]> Modernizing Agricultural and Manufacturing Bonds Act Display Title Modernizing Agricultural and Manufacturing Bonds Act Official Title as Introduced To amend the Internal Revenue Code of 1986 to modify certain rules applicable to qualified small issue manufacturing bonds, 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 Modernizing Agricultural and Manufacturing Bonds Act Introduced in House IH Introduced in House 2019-12-12T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr5422ih/xml/BILLS-116hr5422ih.xml 2019-12-12 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.