US Congress House Bill 5422 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: Introduced on December 12 2019 - 25% progression, died in committee
Action: 2019-12-12 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

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

Rep. Stephanie Murphy [D-FL]

Rep. Darin LaHood [R-IL]

Rep. Danny Davis [D-IL]

Date	Chamber	Action
2019-12-12	House	Referred to the House Committee on Ways and Means.
2019-12-12	House	Introduced in House

HB5007 (Related) 2019-11-08 - Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/house-bill/5422/all-info
Text	https://www.congress.gov/116/bills/hr5422/BILLS-116hr5422ih.pdf