MADE in America Act
12/21/2024, 9:05 AMSummary of Bill HR 2707
The Bill 118 hr 2707, also known as the MADE in America Act, aims to promote the manufacturing of goods in the United States. The bill requires that all federal agencies prioritize the purchase of American-made products for any procurement contracts. This includes goods that are used in federal construction projects, transportation projects, and other government-funded initiatives.The goal of the MADE in America Act is to support American manufacturers and workers by increasing demand for domestically-produced goods. By requiring federal agencies to prioritize American-made products, the bill aims to create jobs and stimulate economic growth in the United States.
The bill also includes provisions for monitoring and enforcement to ensure that federal agencies are complying with the requirements of the act. This includes reporting requirements and penalties for agencies that do not prioritize American-made products in their procurement contracts. Overall, the MADE in America Act is designed to support American manufacturers and workers by increasing demand for domestically-produced goods. It aims to strengthen the US economy and promote the growth of American industries.
Congressional Summary of HR 2707
Manufacturing API, Drugs, and Excipients in America Act or the MADE in America Act
This bill establishes a tax credit for certain manufacturers of pharmaceuticals or medical products.
Specifically, the bill establishes a tax credit for manufacturers of pharmaceuticals, active pharmaceutical ingredients, excipients (i.e., inactive ingredients), medical diagnostic devices, or personal protective equipment, if they are located in a designated distressed zone. The tax credit is equal to 25% of the manufacturer's production expenditures; the credit increases to 30% of expenditures if a substantial portion of the manufacturer's employees reside in a distressed zone.
The bill defines distressed zone as an area that has been designated as a qualified opportunity zone by the Internal Revenue Service (i.e., an economically distressed community in which certain new investments may be eligible for preferential tax treatment) and that has a poverty rate of over 30%.
