Rep. Randy Hultgren | The Office of Rep. Randy Hultgren
U.S. Reps. Randy Hultgren (R-IL) and Richard Neal (D-MA) recently reintroduced a bipartisan piece of legislation aimed at modernizing the financial tools utilized by manufacturers in Illinois and nationwide.
The Modernizing American Manufacturing Bonds Act (MAMBA) of 2015 updates the dated rules governing manufacturing bonds.
H.R. 2890 expands the number of eligible projects using Qualified Small Issue Manufacturing Bonds, known as Industrial Development Bonds (IDBs) or manufacturing bonds, to more accurately reflect today’s manufacturing sector.
The legislation is supported by the Illinois Manufacturers’ Association, the Council of Development Finance Agencies and 14th District manufacturers. The changes will provide needed assistance to struggling manufacturers in expanding their businesses, investing in new equipment and hiring more workers.
“Illinois’ manufacturers are ready for the challenge of increasing engaging in our global and technology-based economy," Hultgren said. "Unfortunately, decades-old policies governing a key tool that manufacturers use to expand operations no longer address today’s challenges, needlessly impeding growth and job creation in the Illinois manufacturing sector. MAMBA is a bipartisan bill that sensibly reforms these outdated rules without spending new taxpayer funds. I am pleased Rep. Neal can work together on these reforms, and I look forward to passing this bill through the House.”