S. 2653 — 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)...