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.

Summary

Amends the Internal Revenue Code, with respect to private activity bond financing for first-time farmers, to: (1) increase from $450,000 to $509,600 (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 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.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 29 May 2014

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• Introduced in House (PDF)

  Introduced in House · EN · 29 May 2014

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• Introduced in House

  summary · EN · 29 May 2014

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