[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5335 Introduced in House (IH)]

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114th CONGRESS
  2d Session
                                H. R. 5335

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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 25, 2016

 Mr. Young of Iowa (for himself, Mr. Loebsack, Mrs. Noem, Mr. King of 
 Iowa, Mr. Peterson, Mr. Emmer of Minnesota, Mr. Blum, Mr. LaHood, and 
    Mr. Smith of Nebraska) introduced the following bill; which was 
              referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Facilitating Farmers' Access to 
Resources and Machinery Act''.

SEC. 2. EXPANSION OF CERTAIN EXCEPTIONS TO THE PRIVATE ACTIVITY BOND 
              RULES FOR FIRST-TIME FARMERS.

    (a) Increase in Dollar Limitation.--
            (1) In general.--Section 147(c)(2)(A) of the Internal 
        Revenue Code of 1986 is amended by striking ``$450,000'' and 
        inserting ``$520,000''.
            (2) Repeal of separate lower dollar limitation on used farm 
        equipment.--Section 147(c)(2) of such Code is amended by 
        striking subparagraph (F) and by redesignating subparagraphs 
        (G) and (H) as subparagraphs (F) and (G), respectively.
            (3) Qualified small issue bond limitation conformed to 
        increased dollar limitation.--Section 144(a)(11)(A) of such 
        Code is amended by striking ``$250,000'' and inserting 
        ``$520,000''.
            (4) Inflation adjustment.--
                    (A) In general.--Section 147(c)(2)(G) of such Code, 
                as redesignated by paragraph (2), is amended--
                            (i) by striking ``after 2008, the dollar 
                        amount in subparagraph (A) shall be increased'' 
                        and inserting ``after 2016, the dollar amounts 
                        in subparagraph (A) and section 144(a)(11)(A) 
                        shall each be increased'', and
                            (ii) by striking ``2007'' in clause (ii) 
                        and inserting ``2015''.
                    (B) Cross-reference.--Section 144(a)(11) of such 
                Code is amended by adding at the end the following new 
                subparagraph:
                    ``(D) Inflation adjustment.--For inflation 
                adjustment of dollar amount contained in subparagraph 
                (A), see section 147(c)(2)(G).''.
    (b) Substantial Farmland Determined on Basis of Average Rather Than 
Median Farm Size.--Section 147(c)(2)(E) of such Code is amended by 
striking ``median'' and inserting ``average''.
    (c) Effective Date.--The amendments made by this section shall 
apply to bonds issued after the date of the enactment of this Act.
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