Referred to the Committee on Ways and Means, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
The INFANT Tax Credit Act creates two new tax incentives to encourage domestic infant formula manufacturing. First, it establishes a 25 percent investment credit for companies that build or upgrade infant formula manufacturing facilities, available to manufacturers with global revenues under $750 million. Second, it provides a $1.50 per pound production credit for infant formula manufactured and sold in the United States by companies with global revenues under $500 million. These tax credits apply to property and formula produced after March 1, 2022, and manufacturing after the bill's enactment. The legislation also requires the Department of Agriculture to submit annual reports to Congress on the number of domestic infant formula manufacturers receiving rural development funding, barriers to accessing that funding, and the economic impact of these facilities on their local communities.
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