ONSHORE Manufacturing Act

This bill creates three new federal tax credits for companies that make certain medical products in the United States. The first credit equals 10.5 percent of a company's income from selling listed essential drugs, medical devices, active pharmaceutical ingredients, and countermeasures made mostly in the U.S., capped at 50 percent of related wages paid. The second and third credits cover 30 percent of the cost of new advanced manufacturing equipment and of equipment used to meet Clean Air Act or Clean Water Act standards at these factories, dropping to 20 percent in 2031, 10 percent in 2032, and zero after 2032. The IRS, the Departments of Veterans Affairs and Defense, and the Food and Drug Administration would each report to Congress every year starting in 2027 on how the credits are used and their effects.

Full text and official record on Congress.gov

Sponsors

• Marsha Blackburn Republican sponsor
• 0 cosponsors