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Tax Credits for US-Made Medicine and Medical Equipment

This bill creates new tax credits for companies that manufacture medicines, pharmaceutical ingredients, and medical equipment within the United States. The aim is to encourage bringing medical production back to the country. Additional credits are available for investing in advanced manufacturing equipment and equipment used to meet environmental standards.
Key points
Companies manufacturing medicines and certain countermeasures in the US can receive a tax credit based on income from this activity.
A tax credit is available for investing in advanced equipment to manufacture drugs, medical devices, and biological products in the US.
The bill provides a tax credit for equipment used in US medical manufacturing to meet clean air and water standards.
The amount of equipment credits will gradually decrease from 2029-2030 and expire after 2030.
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Additional Information
Print number: 117_HR_7410
Sponsor: Rep. Wenstrup, Brad R. [R-OH-2]
Process start date: 2022-04-05
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

American Made Medicine Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_7410.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-04-05.

What are the main provisions?

Key points include:

  • Companies manufacturing medicines and certain countermeasures in the US can receive a tax credit based on income from this activity.
  • A tax credit is available for investing in advanced equipment to manufacture drugs, medical devices, and biological products in the US.
  • The bill provides a tax credit for equipment used in US medical manufacturing to meet clean air and water standards.
  • The amount of equipment credits will gradually decrease from 2029-2030 and expire after 2030.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Wenstrup, Brad R. [R-OH-2].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Taxes Health Economy