The First Bill to Mention Manufacturing in the 112th Congress

This is the first bill we see introduced in the 112th Congress that mentions manufacturing.

By Ms. DELAURO (for herself and Mr. MANZULLO):

H.R. 110. A bill to amend the Internal Revenue Code of 1986 to allow manufacturing businesses to establish tax-free manufacturing reinvestment accounts to assist them in providing for new equipment and facilities and workforce training; to the Committee on Ways and Means.

Rep. DeLauro issued a press release about the legislation, “DeLauro Calls for Reinvestment in Manufacturing“:

Washington, DC— Congresswoman Rosa DeLauro (CT-3) introduced the bipartisan Manufacturing Reinvestment Account Act today, a bill that would provide America’s manufacturing businesses with greater opportunities to grow and compete in today’s global economy.

The legislation would provide manufacturers with the option of establishing a manufacturing reinvestment account (MRA), similar to an individual retirement account (IRA), at a local community bank, and to make annual contributions into these accounts of up to $500,000 over a period of seven years. Funds then distributed from the account can be used to invest in machinery, facilities and job training thereby providing a bigger return on the dollar and allowing manufacturers to develop their businesses and boost our economy. For example, if a manufacturer contributes $500,000 annually and the account earns interest at five percent, with a low 15% tax rate on amounts distributed from the MRA, after 7 years the manufacturer would have approximately $3.6 million to reinvest in the business.

More detail here. In the 111th Congress, the bill was H.R. 6025, which never received a committee hearing.

Rep. Manzullo (R-IL) announced in a news release this week that he will continue to serve as co-chairman of the House Manufacturing Caucus.

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