LaHood’s legislation helps farmers, manufacturers succeed in 21st-century economy

U.S. Rep. Darin LaHood (R-IL) this week proposed bipartisan legislation that would streamline private activity bonds for first-time farmers and manufacturers to spur expansion of their operations and create more jobs.

“Farming and manufacturing are critical to the economic success of the constituents I represent in central and west-central Illinois,” Rep. LaHood said. “Our legislation will help entrepreneurs and first-time farmers receive the financing they need to grow, create good-paying jobs, and bolster our economy in the Midwest.”

Rep. LaHood on Dec. 12 cosponsored the Modernizing Agriculture and Manufacturing Bonds Act (MAMBA), H.R. 5422, with bill sponsor U.S. Rep. Stephanie Murphy (D-FL) to increase the maximum bond size limitation from $10 million to $30 million, which would account for inflation and project size, according to a one-page bill summary provided by the lawmakers.

If enacted, the bill also would increase the limitation on small issue bond proceeds for first-time farmers to $552,500, which would bring the total issuance amount stated in the Internal Revenue Code in line with the current issuance limitation, among other provisions, according to the summary.

“I am proud to join my Ways and Means colleague Rep. Stephanie Murphy in this bipartisan effort, and I’ll continue to work in Congress to ensure farmers and manufacturers have the necessary tools to be successful in our 21st-century economy,” said Rep. LaHood.

Rep. Murphy said farmers and manufacturers in her home state also deserve new and innovative financing tools to invest in their local community and hire more workers.

“I’m proud to lead this bipartisan bill with Rep. LaHood that will modernize the way farmers and manufacturers across the country acquire capital, providing them with the resources they need to grow, create more jobs, and bring their businesses to the 21st century,” she said.

The bill has garnered the support of groups including the Florida Development Finance Corp., the Illinois Finance Authority, the Council of Development Finance Agencies, and the National Council of State Agricultural Finance Programs, among others.