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HR 110 112th Congress House Taxation Business investment and capital Income tax deductions Income tax exclusion Manufacturing

Manufacturing Reinvestment Account Act of 2011

Introduced: January 5, 2011 Introduced by: DeLauro, Rosa L. Democratic · Connecticut See on congress.gov
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 5, 2011
Referred to the House Committee on Ways and Means.
Jan 5, 2011
Introduced in House
 Plain-English summary Congressional Research Service

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.

What's happening now January 5, 2011

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1