This bill significantly modifies rules for qualified small issue manufacturing bonds by expanding the definition of a "manufacturing facility." This expanded definition now includes facilities involved in the production of intangible property, as well as functionally related and ancillary facilities located on the same site. The legislation also substantially increases the maximum bond limitation from $10 million to $30 million, the additional capital expenditures not taken into account from $10 million to $30 million, and the aggregate limit per taxpayer from $40 million to $120 million, with these new dollar amounts subject to an annual inflation adjustment starting in 2025. The bill further expands certain exceptions to private activity bond rules for first-time farmers . It raises the dollar limitation for these bonds from $450,000 to $1,000,000, conforming the qualified small issue bond limitation to this new amount and repealing the separate, lower dollar limitation for used farm equipment. Additionally, the method for determining "substantial farmland" is changed from using the median farm size to the average farm size, and these new dollar limits will be adjusted for inflation annually beginning in 2026.