Manufacturing Reinvestment Account Act of 2013

Summary

Manufacturing Reinvestment Account Act of 2013 - 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.

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Timeline

1. 25 April 2013

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 25 April 2013

   Introduced

   Introduced in House

   Source: IntroReferral

3. 25 April 2013

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 25 April 2013 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 25 April 2013

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 25 April 2013

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 25 April 2013

  Open at official source

Sponsors

• Rosa DeLauro · D · Sponsor
• Adam Kinzinger · R · Sponsor
• TIM RYAN · D · Sponsor
• Rep. Michaud, Michael H. [D-ME-2] · D · Sponsor
• David Cicilline · D · Sponsor
• David Loebsack · D · Sponsor
• Sen. Duckworth, Tammy [D-IL] · D · Sponsor
• Barbara Lee · D · Sponsor
• Rodney Davis · R · Sponsor
• James Himes · D · Cosponsor
• Elizabeth Esty · D · Cosponsor
• Daniel Lipinski · D · Cosponsor
• Tom Cole · R · Cosponsor
• Rep. Courtney, Joe [D-CT-2] · D · Cosponsor
• Paul Tonko · D · Cosponsor
• Tony Cárdenas · D · Cosponsor
• Rep. Israel, Steve [D-NY-3] · D · Cosponsor
• Sen. Welch, Peter [D-VT] · D · Cosponsor
• Ann Kuster · D · Cosponsor
• · hswm00 · Standing

Related records

• related to ← Manufacturing Reinvestment Account Act of 2013