Tax Incentives for Medical Manufacturing in Economically Distressed Areas
This act introduces new tax credits for companies manufacturing drugs and medical devices, especially if they operate in areas with high unemployment and poverty. The goal is to boost domestic medical production and strengthen supply chain security, potentially leading to better access to medicines and equipment for citizens. Additionally, it encourages reshoring manufacturing, which could create new jobs.
Key points
Companies producing medical products in designated economically distressed zones can receive significant tax credits, reducing their operating costs.
The act promotes job creation in high-unemployment regions by supporting investments in medical manufacturing.
It offers extra incentives for companies that move medical production back to the U.S. from foreign countries, especially those posing supply chain risks.
Requires a report on the need for developing therapies for vulnerable populations, such as the elderly, African Americans, Hispanics, Native Americans, and veterans, potentially leading to improved healthcare tailored to their needs.
Expired
Citizen Poll