HR 5335
114th Congress
House
Taxation
Agricultural equipment and machinery
Farmland
Income tax exclusion
Inflation and prices
Securities
Facilitating Farmers' Access to Resources and Machinery Act
Introduced: May 25, 2016
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 25, 2016
Referred to the House Committee on Ways and Means.
May 25, 2016
Introduced in House
Plain-English summary
Facilitating Farmers' Access to Resources and Machinery Act
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 $520,000 (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.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1