Plain English summary not yet available
The full original text is available below. Check back soon as we process this bill.
I
116TH CONGRESS
1ST SESSION H. R. 5007
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
NOVEMBER 8, 2019
Ms. FINKENAUER (for herself, Mr. CRAWFORD, Mrs. AXNE, Mr. LOEBSACK,
Mr. WATKINS, and Mr. FORTENBERRY) 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 Representa-
1
tives of the United States of America in Congress assembled,
2
SECTION 1. SHORT TITLE.
3
This Act may be cited as the ‘‘Farmers’ Access to
4
Resources and Machinery Act’’.
5
SEC. 2. EXPANSION OF CERTAIN EXCEPTIONS TO THE PRI-
6
VATE ACTIVITY BOND RULES FOR FIRST-
7
TIME FARMERS.
8
(a) INCREASE IN DOLLAR LIMITATION.—
9
VerDate Sep 11 2014
04:05 Nov 16, 2019
Jkt 099200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H5007.IH
H5007
kjohnson on DSK79L0C42 with BILLS
2
•HR 5007 IH
(1) IN GENERAL.—Section 147(c)(2)(A) of the
1
Internal Revenue Code of 1986 is amended by strik-
2
ing ‘‘$450,000’’ and inserting ‘‘$524,200’’.
3
(2) REPEAL OF SEPARATE LOWER DOLLAR LIM-
4
ITATION
ON
USED
FARM
EQUIPMENT.—Section
5
147(c)(2) of such Code is amended by striking sub-
6
paragraph (F) and by redesignating subparagraphs
7
(G) and (H) as subparagraphs (F) and (G), respec-
8
tively.
9
(3) QUALIFIED SMALL ISSUE BOND LIMITATION
10
CONFORMED TO INCREASED DOLLAR LIMITATION.—
11
Section 144(a)(11)(A) of such Code is amended by
12
striking ‘‘$250,000’’ and inserting ‘‘$524,200’’.
13
(4) INFLATION ADJUSTMENT.—
14
(A) IN GENERAL.—Section 147(c)(2)(G) of
15
such Code, as redesignated by paragraph (2), is
16
amended—
17
(i) by striking ‘‘after 2008, the dollar
18
amount in subparagraph (A) shall be in-
19
creased’’ and inserting ‘‘after 2020, the
20
dollar amounts in subparagraph (A) and
21
section 144(a)(11)(A) shall each be in-
22
creased’’; and
23
(ii) by striking ‘‘2007’’ in clause (ii)
24
and inserting ‘‘2019’’.
25
VerDate Sep 11 2014
04:05 Nov 16, 2019
Jkt 099200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H5007.IH
H5007
kjohnson on DSK79L0C42 with BILLS
3
•HR 5007 IH
(B)
CROSS-REFERENCE.—Section
1
144(a)(11) of such Code is amended by adding
2
at the end the following new subparagraph:
3
‘‘(D) INFLATION ADJUSTMENT.—For infla-
4
tion adjustment of dollar amount contained in
5
subparagraph (A), see section 147(c)(2)(G).’’.
6
(b) SUBSTANTIAL
FARMLAND
DETERMINED
ON
7
BASIS
OF AVERAGE RATHER THAN MEDIAN FARM
8
SIZE.—Section 147(c)(2)(E) of such Code is amended by
9
striking ‘‘median’’ and inserting ‘‘average’’.
10
(c) EFFECTIVE DATE.—The amendments made by
11
this section shall apply to bonds issued after the date of
12
the enactment of this Act.
13
Æ
VerDate Sep 11 2014
04:05 Nov 16, 2019
Jkt 099200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6301
E:\BILLS\H5007.IH
H5007
kjohnson on DSK79L0C42 with BILLS