Modernizing Agricultural and Manufacturing Bonds Act

This bill increases funding limits and expands eligibility for tax-exempt bonds used by agricultural and manufacturing businesses. It raises the maximum bond amount for manufacturing facilities from $10 million to $30 million per issue (with annual inflation adjustments) and raises the total annual limit per business from $40 million to $120 million. For first-time farmers, it increases the bond limit from $450,000 to $1 million, removes a separate cap on used farm equipment, and changes how "substantial farmland" is measured (from median to average farm size). These changes directly affect manufacturers building facilities for tangible/intangible property production and agricultural businesses seeking tax-exempt financing.