US Congress House Bill 2608 (Prior Session Legislation)

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Spectrum: Moderate Partisan Bill (Democrat 8-1)
Status: Introduced on June 2 2015 - 25% progression, died in committee
Action: 2015-06-02 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Manufacturing Reinvestment Account Act of 2015 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 2015

Rep. Rosa DeLauro [D-CT]	Rep. Tom Cole [R-OK]	Sen. Peter Welch [D-VT]	Sen. Tammy Duckworth [D-IL]
Rep. Barbara Lee [D-CA]	Rep. Daniel Lipinski [D-IL]	Rep. Tim Ryan [D-OH]	Rep. Elizabeth Esty [D-CT]
Rep. Ann Kuster [D-NH]

Date	Chamber	Action
2015-06-02	House	Referred to the House Committee on Ways and Means.
2015-06-02	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/2608/all-info
Text	https://www.congress.gov/114/bills/hr2608/BILLS-114hr2608ih.pdf