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S 1237 112th Congress Senate Taxation Business investment and capital Income tax deductions Income tax exclusion Manufacturing

Manufacturing Reinvestment Account Act of 2011

Introduced: June 21, 2011 Introduced by: Blumenthal, Richard Democratic · Connecticut See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 21, 2011
Read twice and referred to the Committee on Finance.
Jun 21, 2011
Introduced in Senate
 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 June 21, 2011

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1