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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Timeline
Introduced in House
Referred to the House Committee on Ways and Means.
Introduced in House
Referred to the House Committee on Ways and Means.
Taxation
Advanced technology and technological innovationsAir qualityBusiness investment and capitalHealth technology, devices, suppliesIncome tax creditsIncome tax ratesIndustrial policy and productivityInflation and pricesManufacturingPrescription drugsSales and excise taxesTrade restrictionsU.S. and foreign investmentsWages and earningsWater quality
American Made Medicine Act
USA117th CongressHR-7410| House
| Updated: 4/5/2022
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.
Advanced technology and technological innovationsAir qualityBusiness investment and capitalHealth technology, devices, suppliesIncome tax creditsIncome tax ratesIndustrial policy and productivityInflation and pricesManufacturingPrescription drugsSales and excise taxesTrade restrictionsU.S. and foreign investmentsWages and earningsWater quality