,i  #aacth ,,congress  #b;d ,session    
,h4 ,r4 #dgeg  ,,in ,,the ,,house ,,of  
,,representatives  ,may #bi1 #bjad ,mr4 
,latham introduced the following bill2  
which was referred to the ,committee on 
,ways and ,means  ,a ,,bill  ,to amend  
the ,internal ,revenue ,code of #aihf to
 expand certain exceptions to the       
private activity bond rules for         
first-time farmers1 and for other       
purposes4  #a4 ,expansion of certain    
exceptions to the private activity bond 
rules for first-time farmers  7a7       
,increase in dollar limitation  7#a7 ,in
 general ,section #adg7;c77#b77;,a7 of  
the ,internal ,revenue ,code of #aihf is
 amended by striking #dej1jjj and       
inserting #eji1fjj4  7#b7 ,repeal of    
separate lower dollar limitation on used
 farm equipment ,section #adg7;c77#b7 of
 such ,code is amended by striking      
subparagraph 7,f7 and by redesignating  
subparagraphs 7,g7 and 7,h7 as          
subparagraphs 7,f7 and 7,g71            
respectively4  7#c7 ,qualified small    

issue bond limitation conformed to      
increased dollar limitation ,section    
#add7;a77#aa77;,a7 of such ,code is     
amended by striking #bej1jjj and        
inserting #eji1fjj4  7#d7 ,inflation    
adjustment  7,a7 ,in general ,section   
#adg7;c77#b77;,g7 of such ,code1 as     
redesignated by paragraph 7#b71 is      
amended--  7i7 by striking after #bjjh1 
the dollar amount in subparagraph 7,a7  
shall be increased and inserting after  
#bjad1 the dollar amounts in            
subparagraph 7,a7 and section           
#add7;a77#aa77;,a7 shall each be        
increased1 and  7ii7 by striking #bjjg  
in clause 7ii7 and inserting #bjac4     
7,b7 ,cross reference ,section          
#add7;a77#aa7 of such ,code is amended  
by adding at the end the following new  
subparagraph3  7,d7 ,inflation          
adjustment ,for inflation adjustment of 
dollar amount contained in subparagraph 
7,a71 see section #adg7;c77#b77;,g74  4 
7b7 ,substantial farmland determined on 
basis of average rather than median farm

 size ,section #adg7;c77#b77;,e7 of such
 ,code is amended by striking median and
 inserting average4  7c7 ,effective date
 ,the amendments made by this section   
shall apply to bonds issued after the   
date of the enactment of this ,act4