to which clause (iii) of this subparagraph (as in effect before the date of the enactment of the Modernizing Agricultural and Manufacturing Bonds Act applies)), either directly or in a series of refundings. . (b) Increase in limitations (1) In general Section 144(a)(4) of such Code is amended— (A) in subparagraph (A)(i), by striking $10,000,000 and inserting $30,000,000 , and (B) in the heading, by striking $10,000,000 and inserting $30,000,000 . (2) Increase in additional capital expenditures not taken into account Section 144(a)(4)(G) of such Code is amended by inserting $30,000,000, in the case of bonds issued after the date of the enactment of the Modernizing Agricultural and Manufacturing Bonds Act . (3) Increase in aggregate limit per taxpayer Section 144(a)(10)(A) of such Code is amended by striking $40,000,000 and inserting $120,000,000 . (4) Adjustment for inflation Section 144(a) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (13) Adjustment for inflation In the case of any calendar year after 2023, the $30,000,000 amounts in paragraph (4)(A), the $30,000,000 amount in paragraph (4)(G), and the $120,000,000 amount in paragraph (10)(A) shall each be increased by an amount equal to— (A) such dollar amount, multiplied by (B) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year, determined by substituting calendar year 2022 for calendar year 2016 in subparagraph (A)(ii) thereof. If any amount as increased under the preceding sentence is not a multiple of $100,000, such amount shall be rounded to the nearest multiple of $100,000. . (c) Effective date The amendments made by this section shall apply to obligations issued after the date of the enactment of this Act. 3. Expansion of certain exceptions to the private activity bond rules for first-time farmers (a) Increase in dollar limitation (1) In general Section 147(c)(2)(A) of the Internal Revenue Code of 1986 is amended by striking $450,000 and inserting $1,000,000 . (2)