U.S. Representative Darin LaHood helped introduce the bipartisan Modernizing Manufacturing and Agricultural Bonds Act. LaHood and three other congressmen introduced the act, updating the federal manufacturing and agricultural bonds rules.
“The Modernizing Agricultural and Manufacturing Bonds Act will provide entrepreneurs and first-time farmers with the financing tools they need to grow, creating good-paying jobs and bolstering our economy,” LaHood said.
Specifically, this act would raise the maximum manufacturing bond size, tie future bond size to increases in inflation, update the definition of what a manufacturing facility is, eliminate some restrictions on bond use, increase the amount of proceeds first-time farmers receive and align the definition of substantial farmland in the federal tax code with existing law.
LaHood says when farmers and manufacturers succeed, our communities thrive in central and northwestern Illinois.