Sen. Linares: Pro-Manufacturing Measure Backed by Middlesex Chamber Advances

AeroCision CEO Andrew Gibson (left) and Sen. Art Linares (right) chat during Linares’ tour of the Chester-based manufacturer.

A bill co-sponsored by Sen. Art Linares and supported by the Middlesex Chamber of Commerce received a favorable vote by the Connecticut State Senate on April 24.

The proposal would improve and enhance the current Manufacturing Reinvestment Account (MRA) program. MRAs allow companies to make capital investments in new machinery, expand their facilities and invest in job creation.

“An MRA is like an IRA for manufacturers, allowing profits to be reinvested back into companies without having to pay burdensome taxes,” Sen. Linares said. “This bill aims to encourage more of our manufactures to participate in the MRA program by opening it up to small businesses with up to 150 employees.”

The bill, which now awaits a vote in the House, also exempts from corporation and personal income taxes 100%, rather than 50%, of any withdrawal from a manufacturing reinvestment account.

“During my meetings with manufacturers in our area, I have been urged to improve this MRA program,” Sen. Linares said. “By passing this measure, we are sending a direct message to our manufacturers that we support them, we want them to grow and expand here, and that we are listening to them.”

Sen. Linares’ remarks on the bill can be viewed here: https://www.youtube.com/watch?v=rJYIk0PwhQo

Additional bill information:
http://www.cga.ct.gov/2014/BA/2014SB-00232-R000124-BA.htm