Updated Program Helps Manufacturers Grow
The governor’s recent signing of the revamped Manufacturing Reinvestment Account (MRA) program will help more Connecticut manufacturers innovate and grow in Connecticut.
[Photo at bill signing, above: Left to right: CBIA's Bonnie Stewart, Mary Phil Guinan of Guinan Associates, Bill Waseleski of Century Spring Manufacturing, State Rep. Susan Johnson, State Sen. Gary LeBeau, Jerry Clupper of the New Haven Manufacturers Association, Gov. Malloy, Marna Wilber of ASSA ABLOY, State Sen. Joe Crisco, State Rep. Laura Hoydick, State Sen. Toni Boucher, Jamie Scott of Air Handling Systems, State Rep. Jonathan Steinberg, CBIA's Jennifer Herz
The MRA program gives certain manufacturers a tax break on funds they set aside for reinvesting in their businesses.
As updated, the program will increase from 50% to 100% the exemption from the corporate and personal income tax for any eligible withdrawal from an MRA account.
In addition, the revised program caps the number of employers that can participate at 50, but expands from 50 to 150 the number of employees an eligible employer may have.
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