The Wood Machinery Manufacturers of America are requesting support on bill that would allow manufacturing firms to establish a manufacturing reinvestment account (MRA) similar to an individual retirement account.
The bipartisan Manufacturing Reinvestment Account Act would allow manufacturing firms to establish an MRA in a community bank and to make annual pre-tax contributions of up to $500,000, held in the account for up to 7 years. Amounts distributed from the MRA would be taxed at a 15 percent rate and must be used to purchase equipment and facilities, or for job training.
WMMA says a "Dear Colleague Letter" was sent to all Senators to secure co-sponsors for the MRA bill and urges those in-support of the bill to contact Senators by calling the U.S. Capitol Switchboard at 202.224.3121.
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