Modernizing Agricultural and Manufacturing Bonds Act

This bill modifies tax rules for certain tax-exempt bonds used by agricultural and manufacturing businesses. It expands the definition of "manufacturing facility" to include production of intangible property (like software) and functionally related on-site facilities, while increasing the dollar limit for individual projects from $10 million to $30 million. The total annual bond limit per business rises from $40 million to $120 million, and the cap for first-time farmers increases from $450,000 to $1 million. These changes apply to bonds issued after the bill's enactment, with annual inflation adjustments added to all dollar amounts. The bill directly affects small and medium agricultural and manufacturing businesses seeking tax-exempt financing for facility investments.