US Congress Senate Bill 1237 (Prior Session Legislation)

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June 21 2011 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Manufacturing Reinvestment Account Act of 2011 - Amends the Internal Revenue Code to establish tax-exempt manufacturing reinvestment accounts (MRAs) for taxpayers engaged in a manufacturing business. Allows such manufacturers to make tax deductible cash payments into an MRA of the lesser of their domestic manufacturing gross receipts for the taxable year or $500,000. Permits expenditures from an MRA for expenses for property to be used in the manufacturing business and expenses for employee job training and workforce development. Imposes a 10% tax on amounts in an MRA that are not distributed within 7 years. Terminates the tax deduction for payments to an MRA 10 years after the enactment of this Act.

Manufacturing Reinvestment Account Act of 2011

Sen Blumenthal, Richard

Sen Lieberman, Joseph I.

Sen Rockefeller, John D., IV

Date	Chamber	Action
2011-06-21	Senate	Read twice and referred to the Committee on Finance.

HB110 (Same As) 2011-01-05 - Referred to the House Committee on Ways and Means.

Type	Source
Summary	http://thomas.loc.gov/cgi-bin/bdquery/z?d112:SN01237:@@@L&summ2=m&
Text	http://gpo.gov/fdsys/pkg/BILLS-112s1237is/pdf/BILLS-112s1237is.pdf