INCREASE IN LOAN LIMITS ON AGRICULTURAL BONDS.

SEC. 15341. INCREASE IN LOAN LIMITS ON AGRICULTURAL BONDS.(a) In General.—Subparagraph (A) of section 147(c)(2) (relating to exception for first-time farmers) is amended by striking “$250,000” and inserting “$450,000”.(b) Inflation Adjustment.—Section 147(c)(2) is amended by adding at the end the following new subparagraph:“(H) Adjustments for inflation.—In the case of any calendar year after 2008, the dollar amount in subparagraph (A) shall be increased by an amount equal to—“(i) such dollar amount, multiplied by“(ii) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year, determined by substituting ‘calendar year 2007’ for ‘calendar year 1992’ in subparagraph (B) thereof.If any amount as increased under the preceding sentence is not a multiple of $100, such amount shall be rounded to the nearest multiple of $100.”.(c) Modification of Substantial Farmland Definition.—Section 147(c)(2)(E) (defining substantial farmland) is amended by striking “unless” and all that follows through the period and inserting “unless such parcel is smaller than 30 percent of the median size of a farm in the county in which such parcel is located.”.(d) Conforming Amendment.—Section 147(c)(2)(C)(i)(II) is amended by striking “$250,000” and inserting “the amount in effect under subparagraph (A)”.(e) Effective Date.—The amendments made by this section shall apply to bonds issued after the date of the enactment of this Act.122 STAT. 2280