Agricultural IDB Protection Act of 1985

Summary

Agricultural IDB Protection Act of 1985 - Amends the Internal Revenue Code to modify the definition of "manufacturing facility" for purposes of tax-exempt industrial development bonds to include land, improvements to land, or property of a character subject to the allowance for depreciation that is used in the cultivation, raising, production, catching, harvesting, or processing of plants or animals. Modifies the definition of "substantial farmland" to require the size of the parcel to be 30 percent of the median size of a farm in the county in which the parcel is located. Permits used farm equipment to be eligible for industrial development bonds if it is acquired by an individual who is a first-time farmer.

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1 official file

• Introduced in House

  summary · EN · 24 October 1985

  Open at official source

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