To amend the Internal Revenue Code of 1986 to provide for credits against tax for domestic medical and drug manufacturing and advanced medical manufacturing equipment.
About This Bill
Committee
Latest Action · April 5, 2022
Referred to the House Committee on Ways and Means.
American Made Medicine Act
This bill allows employers tax credits for domestic medical and drug manufacturing expenses and for advanced medical manufacturing equipment. It also provides a tax credit for a percentage of the basis of qualifying medical manufacturing EPA compliance property placed in service before January 1, 2029, or during calendar year 2030.
The bill defines qualifying medical manufacturing EPA compliance property as depreciable property used by a taxpayer in the trade or business of manufacturing a drug, device, biological product, or active pharmaceutical ingredient or covered countermeasure (e.g., a qualified pandemic or epidemic product, security countermeasure, or respiratory protective device). The property must meet emissions limits under the Clean Air Act or wastewater standards under the Clean Water Act.
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