CT SB00232

Reduces the maximum number of manufacturers eligible for the Manufacturing Reinvestment Account program from 100 to 50, effective July 1, 2014.

Establishes that eligible manufacturers must have not more than 150 employees (newly specified requirement).

Eliminates the provision allowing 50% of distributions from manufacturing reinvestment accounts to be excluded from gross income when used in accordance with program guidelines.

Requires full inclusion of improper distributions and money returns from manufacturing reinvestment accounts in gross income to the extent contributions were previously deducted.

Clarifies that manufacturing reinvestment account contributions remain deductible from Connecticut adjusted gross income in the year contributions are made.