Tax Credits for Domestic Medical Manufacturing in Economically Distressed Zones.
This law introduces significant tax credits for companies that manufacture drugs, medical devices, and essential components within the United States, specifically targeting areas designated as economically distressed zones. The goal is to strengthen the domestic medical supply chain, reduce reliance on foreign sources, and stimulate job creation in high-poverty regions. It also mandates a study on health disparities affecting vulnerable populations during pandemics.
Key points
Medical manufacturers can claim a 40% tax credit on wages, employee benefits, and facility investments if operations are located in designated high-poverty areas.
Enhanced 60% tax credits are available for companies that move medical production back to the US from foreign countries deemed a risk to the national supply chain.
The law defines "Economically Distressed Zones" as census tracts with poverty rates of 35% or more, aiming to direct investment to the most needy communities.
The law requires the government to examine how pandemics disproportionately harm vulnerable groups (e.g., seniors, veterans, minorities) and whether incentives are needed for new therapies.
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