Connecticut Sen. Richard Blumenthal and Rep. Rosa DeLauro are offering legislation they say will help grow manufacturing across the country, The Associated Press reports.
DeLauro, who represents the state’s third congressional district, reintroduced the Manufacturing Reinvestment Account Act in April. It enables manufacturers to open such a manufacturing reinvestment account in a bank, similar to an Individual retirement account. They would be able to make annual, pre-tax contributions of up to $500,000, for seven years.
Funds could be withdrawn to invest in machinery, facilities and job training.
Blumenthal is expected to introduce a Senate version of the legislation sometime in the fall.
The two Democrats are scheduled to discuss the legislation on Tuesday at a news conference in Middletown. Both are scheduled to tour Pegasus Manufacturing, which constructs fabricated tube and pipe assemblies.
