NEW HAVEN, CT -- Rep. Rosa DeLauro (D-CT) has introduced a bill aimed at helping U.S. manufacturers invest in their businesses reverse the trend in which some 3 million manufacturing jobs have been lost in the past three years.
The Manufacturing Reinvestment Account Act of 2010 would let manufacturing businesses establish a manufacturing reinvestment account (MRA), comparable to an individual retirement account (IRA), at local community banks to be used for equipment and facilities, job training, and workforce development. Businesses would then make annual contributions into these accounts, up to $250,000 over a period of five years. These funds could then be used for the purchase of equipment and facilities, job training, and workforce development.
According to DeLauro, if a business was to meet the $250,000 limit of investment each year, and their account bears a 5 percent interest rate, they would have an after-tax balance of approximately $1.2 million after five years.
“ If we want our nation to remain successful and competitive in the global marketplace, we must return to an outlook in America that prizes and supports domestic manufacturing," DeLauro said. "The Manufacturing Reinvestment Account Act of 2010 would enable businesses .. to get a bigger return on their dollar, free up more capital, develop their business and help to jumpstart our economy.”
Read Rep. Rosa DeLauro's press release.
The Manufacturing Reinvestment Account Act of 2010 would let manufacturing businesses establish a manufacturing reinvestment account (MRA), comparable to an individual retirement account (IRA), at local community banks to be used for equipment and facilities, job training, and workforce development. Businesses would then make annual contributions into these accounts, up to $250,000 over a period of five years. These funds could then be used for the purchase of equipment and facilities, job training, and workforce development.
According to DeLauro, if a business was to meet the $250,000 limit of investment each year, and their account bears a 5 percent interest rate, they would have an after-tax balance of approximately $1.2 million after five years.
“ If we want our nation to remain successful and competitive in the global marketplace, we must return to an outlook in America that prizes and supports domestic manufacturing," DeLauro said. "The Manufacturing Reinvestment Account Act of 2010 would enable businesses .. to get a bigger return on their dollar, free up more capital, develop their business and help to jumpstart our economy.”
Read Rep. Rosa DeLauro's press release.
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