US Congress Senate Bill 1237 (Prior Session Legislation)

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Sponsorship: Slight Partisan Bill (Democrat 2-1)
Status: Introduced on June 21 2011 - 25% progression, died in committee
Action: 2011-06-21 - 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. Richard Blumenthal [D-CT]

Sen. Joseph Lieberman [I-CT]

Sen. John Rockefeller [D-WV]

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	https://www.congress.gov/bill/112th-congress/senate-bill/1237/all-info
Text	https://www.congress.gov/112/bills/s1237/BILLS-112s1237is.pdf