Manufacturing Reinvestment Account Act of 2011

Summary

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.

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Timeline

1. 21 June 2011

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 21 June 2011

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 21 June 2011 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 21 June 2011

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 21 June 2011

  DownloadOpen at official source

• Introduced in Senate

  summary · EN · 21 June 2011

  Open at official source

Sponsors

• Sen. Blumenthal, Richard [D-CT] · D · Sponsor
• Sen. Lieberman, Joseph I. [D-CT] · ID · Sponsor
• Sen. Rockefeller, John D., IV [D-WV] · D · Sponsor
• · ssfi00 · Standing

Related records

• related to → Manufacturing Reinvestment Account Act of 2011