Bill Aims to Help Small Manufacturers

Sens. Sherrod Brown (D-Ohio) and David Perdue (R-Ga.) have introduced a bill aimed at making it easier for small and medium-sized manufacturers to finance new facilities.

The bill centers on a type of tax-exempt bond that can be used to finance manufacturing facilities for small- and medium-sized businesses. It would allow more businesses to be eligible to use proceeds from the bonds by expanding the definition of manufacturing to include production of intangible goods. It would also increase the size limit on issues of the bonds.

“Innovation and investment have helped manufacturing survive the globalization of our economy,” Perdue said. “To ensure the federal government keeps up with this evolving industry, the definition of manufacturing needs to include high-tech techniques. This simple change will open doors for our engineers and businesses who continue to drive the manufacturing renaissance we are experiencing in America today.”

Source: The Hill