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HR 5991 111th Congress House Commerce Government lending and loan guarantees Income tax credits Manufacturing Metals Small business

American Metalworking Manufacturers Support Act

Introduced: July 30, 2010 Introduced by: Murphy, Christopher Democratic · Connecticut See on congress.gov
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 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 30, 2010
Referred to House Ways and Means
Jul 30, 2010
Referred to the Committee on Small Business, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Jul 30, 2010
Referred to House Small Business
Jul 30, 2010
Introduced in House
 Plain-English summary Congressional Research Service

American Metalworking Manufacturers Support Act - Directs the Administrator of the Small Business Administration (SBA) to: (1) carry out a program to provide business stabilization loans to viable small metalworking businesses that have a qualifying SBA small business loan and are experiencing immediate financial hardship; and (2) establish a technical assistance program to assist a bank or other financial institution to provide such loans to such businesses. Prohibits the Administrator from charging any loan fees.

Makes specified funds available to the Secretary of the Treasury for the loan program. Limits each loan to a maximum of $3 million and 18 months, without interest.

Amends the Internal Revenue Code to provide a small metalworking business tax credit of 30% of the amount paid or incurred for metal parts, components, or assemblies produced for the taxpayer under a contract between the taxpayer and a small metalworking business.

What's happening now July 30, 2010

Referred to House Ways and Means

 Committees of jurisdiction 2