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40% Tax Credit for Reshoring Critical Manufacturing of Drugs and Chips.

This law establishes a significant new tax credit (40% of investment costs) for companies that move the manufacturing of essential goods, such as pharmaceuticals, medical devices, and semiconductors, back to specific U.S. territories. The goal is to strengthen supply chain security and ensure citizens have reliable access to critical products by reducing reliance on foreign sources. These changes are set to take effect after December 31, 2024.
Key points
Companies investing in the production of drugs, medical equipment, semiconductors, and aerospace equipment in U.S. territories (e.g., Puerto Rico) will receive a 40% investment tax credit.
The change aims to bolster the security of critical product supplies, reducing the risk of domestic shortages.
The credit applies to investments in new facilities and equipment placed in service after December 31, 2024.
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Additional Information
Print number: 118_HR_8504
Sponsor: Rep. Malliotakis, Nicole [R-NY-11]
Process start date: 2024-05-22
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Supply Chain Security and Growth Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_8504.

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 2024-05-22.

What are the main provisions?

Key points include:

  • Companies investing in the production of drugs, medical equipment, semiconductors, and aerospace equipment in U.S. territories (e.g., Puerto Rico) will receive a 40% investment tax credit.
  • The change aims to bolster the security of critical product supplies, reducing the risk of domestic shortages.
  • The credit applies to investments in new facilities and equipment placed in service after December 31, 2024.
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. Malliotakis, Nicole [R-NY-11].

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 2025-12-25.

CATEGORIES

Taxes Economy Health