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Congresswoman Duckworth Supports American Manufacturing by Helping Introduce the Manufacturing Reinvestment Account Act

Statement

Date: May 2, 2013
Location: Washington, DC
Issues: Business and Consumers Finance and Banking

Today, Congresswoman Tammy Duckworth (IL-8) announced that she was helping introduce the Manufacturing Reinvestment Account Act with Congresswoman Rosa DeLauro (D-CT) and Congressman Adam Kinzinger (R-IL). The Manufacturing Reinvestment Account Act would allow manufacturing firms to establish a manufacturing reinvestment account (MRA), similar to an individual retirement account (IRA), in a community bank. Amounts distributed from the MRA are effectively taxed at a low 15 percent rate and must be used to purchase equipment, facilities or for job training.

"It is crucial that we invest in American manufacturing," said Duckworth. "The bipartisan Manufacturing Reinvestment Account Act will allow manufacturers to create jobs right here in the United States. I know that manufacturers in places like Elk Grove Village are looking to expand and compete in the global economy and the Manufacturing Reinvestment Account Act will help give them the capital to do so."


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