WASHINGTON - Sen. John F. Kerry (D-Mass.), Ranking Member on the Small Business and Entrepreneurship Committee, today announced his introduction of manufacturing assistance legislation to boost job creation and give American manufacturers the greatest opportunity to compete and succeed in the global economy.
“This legislation will create new jobs and help manufacturers get back to sending American products, not American jobs, overseas,” Kerry said. “My package will better prepare ailing manufacturers for future growth and development and put them on equal footing with foreign competitors.”
The three bills introduced by Kerry, who is also a member of the Senate Finance and Commerce committees, are: The Manufacturing Assistance, Development and Education (MADE) in America Act, the Enhance Domestic Manufacturing and Worker Assistance Act, and the Manufacturing Job Production Act.
The MADE in America Act (S.1886) - establishes the National Office for the Development of Small Manufacturers at the SBA - establishes a Manufacturing Corps to address the nation’s skilled worker shortage - creates a contract partnership program for small manufacturers called BusinessLINC-M - funds a government-wide web portal to coordinate all federal manufacturing assistance - designs a best-practices mentor-protégé program for manufacturers - raises the maximum loan size for the 7(a), 504 and Microloan programs for small manufacturers - restores and increases funding to create additional New Markets Venture Capital (NMVC) firms - ups the leverage amount of matching funds to 200 percent for NMVC firms - allows small manufacturers the maximum loan amount from both the 7(a) and 504 programs - improves disaster loans for small manufacturers with a $5 million loan size, payment deferral and refinancing options - increases investment limit for single SBIC funds to $150 million, $185 million for multiple funds, for those investing in small manufacturers - provides grants to help small manufacturers and R&D firms obtain foreign patent protections
The Enhance Domestic Manufacturing and Worker Assistance Act (S.1885) - establishes a trade adjustment assistance (TAA) program for communities hurt by trade - strengthens current TAA programs for workers and small manufacturers, doubles funding - creates an office at the department of Commerce to coordinate all TAA programs - opens an Office of Small Business at the Office of the U.S. Trade Representative
The Manufacturing Job Production Act (S.1884) - creates a temporary job creation tax credit for domestic manufacturers - eliminates capital gains tax on new equity investments in small manufacturers - allows small manufacturers to defer and reinvest up to $400,000 in taxes over six years - makes permanent the increase in annual Section 179 expensing of equipment costs to $100,000
“This legislation will create new jobs and help manufacturers get back to sending American products, not American jobs, overseas,” Kerry said. “My package will better prepare ailing manufacturers for future growth and development and put them on equal footing with foreign competitors.”
The three bills introduced by Kerry, who is also a member of the Senate Finance and Commerce committees, are: The Manufacturing Assistance, Development and Education (MADE) in America Act, the Enhance Domestic Manufacturing and Worker Assistance Act, and the Manufacturing Job Production Act.
The MADE in America Act (S.1886) - establishes the National Office for the Development of Small Manufacturers at the SBA - establishes a Manufacturing Corps to address the nation’s skilled worker shortage - creates a contract partnership program for small manufacturers called BusinessLINC-M - funds a government-wide web portal to coordinate all federal manufacturing assistance - designs a best-practices mentor-protégé program for manufacturers - raises the maximum loan size for the 7(a), 504 and Microloan programs for small manufacturers - restores and increases funding to create additional New Markets Venture Capital (NMVC) firms - ups the leverage amount of matching funds to 200 percent for NMVC firms - allows small manufacturers the maximum loan amount from both the 7(a) and 504 programs - improves disaster loans for small manufacturers with a $5 million loan size, payment deferral and refinancing options - increases investment limit for single SBIC funds to $150 million, $185 million for multiple funds, for those investing in small manufacturers - provides grants to help small manufacturers and R&D firms obtain foreign patent protections
The Enhance Domestic Manufacturing and Worker Assistance Act (S.1885) - establishes a trade adjustment assistance (TAA) program for communities hurt by trade - strengthens current TAA programs for workers and small manufacturers, doubles funding - creates an office at the department of Commerce to coordinate all TAA programs - opens an Office of Small Business at the Office of the U.S. Trade Representative
The Manufacturing Job Production Act (S.1884) - creates a temporary job creation tax credit for domestic manufacturers - eliminates capital gains tax on new equity investments in small manufacturers - allows small manufacturers to defer and reinvest up to $400,000 in taxes over six years - makes permanent the increase in annual Section 179 expensing of equipment costs to $100,000
