This bill, known as the Modernizing Agricultural and Manufacturing Bonds Act, aims to update the rules for qualified small issue manufacturing bonds. It broadens the definition of a manufacturing facility to encompass facilities involved in the production of intangible property , such as software, and those that are functionally related and subordinate to manufacturing operations. The bill also includes directly related and ancillary facilities located on the same site, provided they do not exceed 25 percent of the bond proceeds. Furthermore, the legislation substantially increases the financial limits associated with these bonds. The maximum bond amount rises from $10 million to $30 million , and the aggregate limit per taxpayer increases from $40 million to $120 million , with all these amounts subject to future inflation adjustments. For first-time farmers, the bill raises the bond limit from $450,000 to $1,000,000 , eliminates a separate limit for used farm equipment, and adjusts the definition of "substantial farmland" from median to average farm size. These changes are intended to facilitate investment in both manufacturing and agricultural sectors.