MA Residents Will Get $5K In New ‘Made In U.S.A.’ Bill
A new bill has been introduced by two Democrats to incentivize Massachusetts residents to shop local. Small businesses are the heart of America and always have been. Americans would receive either a $2500 or a $5000 tax credit under this new proposed bill.
$2500 - $5000 To MA Residents In New Shopping Bill
The Made in the USA Tax Credit Act, as it's known, seeks to revitalize American manufacturing by providing up to $2,500 in tax credits to individuals and $5,000 for couples purchasing goods that meet the Federal Trade Commission's (FTC) Made in the USA standards, which require that a product must be "all or virtually all" made in the U.S., according to the FTC's website. -newsweek.com
Unlike economic stimulus bills of the past, this would go to Massachusetts residents in the form of a tax credit, not a direct deposited or mailed check. Qualifying residents would be able to patronize local businesses that have fewer than 500 employees. If it passes, let's shop local!
Items excluded from the bill
- Firearms
- Tobacco
- Luxury items
- Vehicles
- Gasoline
- Food
"Investing in American manufacturing drives innovation, prosperity, and progress," Dingell said in a press release last week. "I'm proud to introduce the Made in the USA bill with Rep. Khanna to encourage consumers to support the family-owned small businesses here in our communities, and to look to American products first."
Made in the USA products have declined over the decades as larger companies save money shipping manufacturing over seas.
Individuals who earn less than $125,000 and couples who earn less that $250,000 would qualify for the tax credit. No word on when the law would take effect if passed.
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