US Congress House Bill 5007 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on November 8 2019 - 25% progression, died in committee
Action: 2019-11-08 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

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.

Farmers’ Access to Resources and Machinery Act

Rep. Abby Finkenauer [D-IA]	Rep. Eric Crawford [R-AR]	Rep. Cindy Axne [D-IA]	Rep. David Loebsack [D-IA]
Rep. Steve Watkins [R-KS]	Rep. Jeff Fortenberry [R-NE]

Date	Chamber	Action
2019-11-08	House	Referred to the House Committee on Ways and Means.
2019-11-08	House	Introduced in House

HB5422 (Similar To) 2019-12-12 - Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/house-bill/5007/all-info
Text	https://www.congress.gov/116/bills/hr5007/BILLS-116hr5007ih.pdf