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HR 5007 116th Congress House Taxation Agricultural equipment and machinery Farmland Income tax exclusion Inflation and prices Securities

Farmers’ Access to Resources and Machinery Act

Introduced: November 8, 2019 See on congress.gov
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This bill died when the 116th Congress ended
It never became law before the 116th Congress (2019–2020) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 8, 2019
Referred to the House Committee on Ways and Means.
Nov 8, 2019
Introduced in House
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 Plain-English summary Congressional Research Service

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 $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.

What's happening now November 8, 2019

Referred to the House Committee on Ways and Means.

 Related & companion bills 1
  • HR 5422 Related bill Modernizing Agricultural and Manufacturing Bonds Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Republican 1
R
Crawford, Eric A. "Rick"
Arkansas · Nov 8, 2019
Fortenberry, Jeff
· Nov 8, 2019
Loebsack, David
· Nov 8, 2019
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 5007: Farmers’ Access to Resources and Machinery Act. 116th Congress. Open America. https://openamerica.io/bill/116-HR-5007/
MLA
"H.R. 5007: Farmers’ Access to Resources and Machinery Act." 116th Congress, 2026, Open America, https://openamerica.io/bill/116-HR-5007/.
Bluebook (legal)
H.R. 5007, 116th Cong. (2026), https://openamerica.io/bill/116-HR-5007/.
Markdown link
[H.R. 5007: Farmers’ Access to Resources and Machinery Act](https://openamerica.io/bill/116-HR-5007/)
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