Tax Credits for US Pharmaceutical and Medical Device Production
This new law introduces tax credits for companies manufacturing pharmaceuticals, active pharmaceutical ingredients, medical devices, and personal protective equipment within the United States, especially in high-ppoverty areas. The aim is to reduce product shortages and boost domestic production, potentially impacting the availability and cost of essential medical supplies.
Key points
Companies producing drugs, pharmaceutical ingredients, medical devices, and personal protective equipment in the US can receive tax credits.
Higher credits are available for businesses operating in "distressed zones" (high-poverty areas), aiming to support economic development in these regions.
The goal is to increase domestic production of key medical products, which could improve supply chain security and reduce reliance on imports.
Expired
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