Manufacturing Reinvestment Account Act of 2011
Latest action · Jan 5, 2011 Referred to the House Committee on Ways and Means.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJan 5, 2011
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
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.
Cosponsors 19
Members who signed on, in the order they did. Signatures ran from Jan 5, 2011 to Jan 23, 2012; 1 is an original cosponsor, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-IL | Donald A. Manzullo | Original | Jan 5, 2011 |
| D-OH | Tim Ryan | Jan 26, 2011 | |
| D-OH | Betty Sutton | Feb 10, 2011 | |
| D-RI | David N. Cicilline | Feb 10, 2011 | |
| D-IA | Leonard L. Boswell | Feb 10, 2011 | |
| D-IA | Bruce L. Braley | Mar 11, 2011 | |
| D-CT | Christopher Murphy | Mar 11, 2011 | |
| D-IL | Daniel Lipinski | Mar 11, 2011 | |
| D-ME | Michael H. Michaud | Mar 11, 2011 | |
| D-NY | Paul Tonko | Mar 11, 2011 | |
| D-IA | David Loebsack | Mar 17, 2011 | |
| D-PA | Michael F. Doyle | Mar 17, 2011 | |
| D-MO | Russ Carnahan | Mar 30, 2011 | |
| R-IL | Randy Hultgren | Apr 6, 2011 | |
| D-OH | Dennis J. Kucinich | Apr 7, 2011 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred Jan 5, 2011 |
Actions 2
Everything that happened, newest first.
- Jan 5, 2011Introduced in House
- Jan 5, 2011Referred to the House Committee on Ways and Means.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the page H45.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1237 | Manufacturing Reinvestment Account Act of 2011 | Identical bill | Jun 21, 2011 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Internal Revenue Code of 1986 to allow manufacturing businesses to establish tax-free manufacturing reinvestment accounts to assist them in providing for new equipment and facilities and workforce training.
- Short Titles as Introduced
- Manufacturing Reinvestment Account Act of 2011
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Jan 5, 2011Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
