Tax credits for domestic investment and production of infant formula.
This act introduces two new tax credits designed to encourage companies to build and expand facilities manufacturing infant formula within the United States. The goal is to increase domestic supply and enhance food security for families. Companies can receive a 25% credit on investment costs for new facilities and an additional production credit of $1.50 per pound of formula manufactured.
Key points
Establishes a 25% investment tax credit for the construction or modernization of domestic infant formula manufacturing facilities.
Introduces an additional production tax credit of $1.50 per pound of formula manufactured and sold in the U.S., primarily targeting smaller companies.
The changes aim to strengthen the supply chain and reduce the risk of formula shortages, directly impacting the security of families with young children.
Credits are available to companies with total global revenues not exceeding $750 million (for the investment credit) or $500 million (for the production credit).
Status:
Expired
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