Modernizing Agricultural and Manufacturing Bonds Act

Hozzl · 2023-12-15T15:58:50Z

Explore the details of House Bill 3787 Modernizing Agricultural and Manufacturing Bonds Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/15/2023, 3:58 PM

Summary of Bill HR 3787

Bill 118 HR 3787, also known as the Modernizing Agricultural and Manufacturing Bonds Act, aims to update and improve the regulations surrounding agricultural and manufacturing bonds. These bonds are used by businesses in these industries to secure financing for various projects and investments.

The bill seeks to streamline the process for issuing these bonds, making it easier for businesses to access the necessary funds. It also includes provisions to increase the maximum bond amount that can be issued, allowing businesses to secure larger amounts of financing.

Additionally, the bill includes measures to modernize the regulations governing these bonds, bringing them in line with current industry practices and standards. This will help to ensure that businesses can continue to use these bonds effectively to support their operations and growth. Overall, the Modernizing Agricultural and Manufacturing Bonds Act is aimed at supporting businesses in the agricultural and manufacturing sectors by making it easier for them to access the financing they need to thrive and succeed.

Congressional Summary of HR 3787

Modernizing Agricultural and Manufacturing Bonds Act

This bill modifies provisions relating to qualified small issue bonds for manufacturing purposes by expanding 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 modifies requirements for private activity bond financing for first-time farmers. The modified provisions (1) increase from $450,000 to $1 million (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) revise 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.

Read the Full Bill

Formatted Text PDF Formatted XML

Current Status of Bill HR 3787

Bill HR 3787 is currently in the status of Bill Introduced since June 1, 2023. Bill HR 3787 was introduced during Congress 118 and was introduced to the House on June 1, 2023. Bill HR 3787's most recent activity was Referred to the House Committee on Ways and Means. as of June 1, 2023

Bipartisan Support of Bill HR 3787

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 3787

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 3787

Modernizing Agricultural and Manufacturing Bonds Act

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.