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.
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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