summary
Introduced
11/08/2019
11/08/2019
In Committee
11/08/2019
11/08/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
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. This bill amends the Internal Revenue Code, with respect to private activity bond financing for first-time farmers, to (1) increase from $450,000 to $524,200 (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.
AI Summary
This bill amends the Internal Revenue Code to expand certain exceptions to the private activity bond rules for first-time farmers. Specifically, it (1) increases the amount of bond proceeds that may be used by a first-time farmer to acquire land for farming purposes from $450,000 to $524,200 (adjusted annually for inflation), (2) repeals the separate dollar limitation on the use of bond proceeds for used farm equipment, and (3) modifies 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.
Committee Categories
Budget and Finance
Sponsors (6)
Abby Finkenauer (D)*,
Cindy Axne (D),
Rick Crawford (R),
Jeff Fortenberry (R),
David Loebsack (D),
Steve Watkins (R),
Last Action
Referred to the House Committee on Ways and Means. (on 11/08/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/5007/all-info |
| BillText | https://www.congress.gov/116/bills/hr5007/BILLS-116hr5007ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr5007/BILLS-116hr5007ih.pdf.pdf |
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