CALED recently sent a letter to Speaker of the House Kevin McCarthy (R-Calif.) requesting support of HR 3787, the Modernizing Agriculture and Manufacturing Bonds Act (MAMBA).
This act specifically would benefit small- and medium-sized manufacturers through adjustments made to Industrial Development Bonds (IDBs) and agriculture bonds in California by:
- Increasing the maximum IDB size limit from $10 million to $30 million; and
- Increasing the limitation on small issue bond proceeds for first-time farmers.
Manufacturers are particularly important in building a healthy middle-class in our country. MAMBA would help these businesses purchase equipment and land so they can grow in California and create good-paying jobs for our residents. These jobs in turn, help make it possible for Californians to afford housing in an increasingly costly environment.
To read the letter, click here.
To read the bill of HR 3787, click here.