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Make Medicine in America Again Act
12/29/2022, 10:03 PM
Summary of Bill HR 7166
Bill 117 HR 7166, also known as the Make Medicine in America Again Act, is a piece of legislation introduced in the US Congress. The main goal of this bill is to promote the manufacturing of pharmaceuticals and medical devices within the United States.
The bill includes provisions that aim to incentivize pharmaceutical companies to bring their manufacturing operations back to the US. This is seen as a way to reduce reliance on foreign countries for essential medications and medical supplies, especially in times of crisis such as the COVID-19 pandemic.
Additionally, the Make Medicine in America Again Act includes measures to streamline the regulatory process for drug and medical device manufacturing in the US. This is intended to make it easier for companies to produce these products domestically and ensure that they meet high safety and quality standards. Overall, supporters of the bill argue that increasing domestic manufacturing of pharmaceuticals and medical devices will strengthen national security, create jobs, and reduce the risk of supply chain disruptions. Critics, however, raise concerns about potential cost implications and the impact on global trade relationships. As of now, the Make Medicine in America Again Act is still in the early stages of the legislative process and has not yet been passed into law. It will likely undergo further debate and revisions before potentially being enacted.
The bill includes provisions that aim to incentivize pharmaceutical companies to bring their manufacturing operations back to the US. This is seen as a way to reduce reliance on foreign countries for essential medications and medical supplies, especially in times of crisis such as the COVID-19 pandemic.
Additionally, the Make Medicine in America Again Act includes measures to streamline the regulatory process for drug and medical device manufacturing in the US. This is intended to make it easier for companies to produce these products domestically and ensure that they meet high safety and quality standards. Overall, supporters of the bill argue that increasing domestic manufacturing of pharmaceuticals and medical devices will strengthen national security, create jobs, and reduce the risk of supply chain disruptions. Critics, however, raise concerns about potential cost implications and the impact on global trade relationships. As of now, the Make Medicine in America Again Act is still in the early stages of the legislative process and has not yet been passed into law. It will likely undergo further debate and revisions before potentially being enacted.
Congressional Summary of HR 7166
Make Medicine in America Again Act
This bill provides tax incentives for the manufacture of pharmaceutical property, equipment, buildings, or facilities in the United States. Specifically it allows bonus depreciation for such property and a business-related tax credit for 50% of expenditures for (1) wages for services performed in a U.S. pharmaceutical manufacturing business, (2) the tangible personal property of such a business, and (3) any direct or indirect costs paid or incurred in a U.S. pharmaceutical manufacturing business.
Read the Full Bill
Current Status of Bill HR 7166
Bill HR 7166 is currently in the status of Bill Introduced since March 18, 2022. Bill HR 7166 was introduced during Congress 117 and was introduced to the House on March 18, 2022. Bill HR 7166's most recent activity was Referred to the House Committee on Ways and Means. as of March 18, 2022
Bipartisan Support of Bill HR 7166
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
2Democrat Cosponsors
2Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 7166
Primary Policy Focus
TaxationAlternate Title(s) of Bill HR 7166
Make Medicine in America Again Act
Make Medicine in America Again Act
To amend the Internal Revenue Code of 1986 to provide for extended expensing of pharmaceutical manufacturing property, and for other purposes.
Comments
Sponsors and Cosponsors of HR 7166
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