SB2723: Modernizing Agricultural and Manufacturing Bonds Act
- 1Introduced (current step)
- 2Passed One Chamber
- 3Passed Both Chambers
- 4Became Law
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Bill information
Summary
A bill 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.
Plain-language summary
This bill modifies tax rules for two types of special bonds (debt financing tools that get tax breaks). First, it updates rules for qualified small issue manufacturing bonds, which help small factories borrow money cheaply. Second, it expands exceptions for first-time farmers, allowing more new farmers to use private activity bonds—another tax-advantaged borrowing tool—without triggering federal tax penalties. The bill would change Internal Revenue Code rules governing these bonds. It was recently introduced and is currently pending review.
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SB2723: Modernizing Agricultural and Manufacturing Bonds Act