Senators offer bill to expand financing for 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 senators introduced the bill last week and touted it in a press release Thursday, one day before National Manufacturing Day.

{mosads}The bill centers on a type of tax-exempt bond that can be used to finance manufacturing facilities for small and medium-sized businesses.

The legislation would allow more businesses to be eligible to use proceeds from the bonds by expanding the definition of manufacturing to include the production of intangible goods. It would also increase the size limitation 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 manufacturing 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.”

Brown said that “by making simple updates to the way manufacturers can use small issue private activity bonds, we can help Ohio manufacturers create jobs and boost our economy.”

An identical bill was introduced in the House last year by Rep. Randy Hultgren (R-Ill.).