Modernizing Agricultural and Manufacturing Bonds Act

This bill modifies tax rules for bonds used to fund agricultural and manufacturing facilities. It expands what counts as a "manufacturing facility" to include production of intangible property (like software) and related on-site facilities, while raising the dollar limit for qualified small issue bonds from $10 million to $30 million (with annual inflation adjustments). It also increases the annual bond limit for first-time farmers from $450,000 to $1 million and changes how farmland size is measured for eligibility. The changes apply to bonds issued after the bill's enactment date for manufacturing and after December 31, 2025, for farm-related bonds. These adjustments primarily affect agricultural businesses and manufacturers seeking tax-exempt financing for facility projects.