|Posted:||February 21, 2013 09:52 AM|
|From:||Representative Tommy Sankey|
|To:||All House members|
|Subject:||Legislation to Establish the Manufacturing Innovation Account Program|
|I hope that you will join me as co-sponsors of my legislation to establish the Manufacturing Innovation Account Program. This legislation will empower Pennsylvania’s small manufacturers to make the capital improvements necessary to compete in the modern manufacturing industry.
Manufacturing Innovation Accounts will allow small manufacturers to generate tax-free savings that will be used to acquire facilities, machinery, and workforce training. An eligible small manufacturer will be able to contribute a maximum of $100,000 per year and $500,000 over the 6-year lifetime of the account. Like an IRA, funds in the account may only be used for eligible expenses or else a penalty is applied.
This proposal, which is similar to a successful program in Connecticut, is based on recommendations in last year’s report by the Governor’s Manufacturing Advisory Council.
Introduced as HB869