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Internal Revenue Code of 1986

The main body of federal tax laws in the United States.

Qualified Small Issue Manufacturing Bonds

Special tax-exempt bonds issued by state or local governments to help small manufacturing businesses finance their facilities and equipment at lower interest rates.

Private Activity Bonds

Bonds issued by state or local governments where more than a small portion of the money benefits private businesses or individuals. Interest on these bonds is typically taxable, unless a specific exception (like for small issue manufacturing bonds or first-time farmers) applies.

First-time Farmers

Individuals who have not previously owned a substantial amount of farmland and who meet other specific criteria to qualify for special agricultural financing programs.

Tangible Personal Property

Physical items that can be touched and moved, such as machinery, equipment, or products.

Intangible Property

Non-physical assets that have value, such as patents, copyrights, trademarks, software, or formulas.

Cost-of-living adjustment

A change in benefits or limits to keep pace with inflation, meaning the rising cost of goods and services over time.