CT HB06584

Establishes manufacturing reinvestment accounts allowing manufacturers to make annual cash contributions not to exceed $250,000 or their domestic gross receipts, whichever is less.

Requires account funds be held in Connecticut banks, kept separate from other property, and used within five years for purchasing machinery, equipment, manufacturing facilities, or workforce training and development.

Distributions from accounts are taxed at 3.5% under chapter 208; any remaining balance after five years is returned to the manufacturer and taxed at the full corporate rate, with a 60-day payment grace period.

Allows manufacturers to deduct manufacturing reinvestment account contributions from gross income for tax purposes, effective for income years beginning January 1, 2012.

Authorizes Connecticut banks to act as trustees or custodians of manufacturing reinvestment accounts.