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.
Status:
Expired
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