RAM Act of 2023

Hozzl · 2024-12-21T09:05:27Z

Explore the details of House Bill 2571 RAM Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/21/2024, 9:05 AM

Summary of Bill HR 2571

The RAM Act of 2023, also known as Bill 118 hr 2571, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to address the issue of rising prescription drug prices in the United States.

One of the key provisions of the RAM Act is the establishment of a Prescription Drug Affordability Board, which would be responsible for setting limits on the prices that drug manufacturers can charge for certain medications. This board would also have the authority to negotiate prices with drug companies in order to ensure that prescription drugs remain affordable for all Americans.

Additionally, the RAM Act includes measures to increase transparency in the pharmaceutical industry, such as requiring drug companies to disclose the costs associated with developing and manufacturing their products. This information would be made available to the public in order to hold drug manufacturers accountable for their pricing practices. Furthermore, the RAM Act aims to promote competition in the prescription drug market by allowing for the importation of cheaper medications from other countries. This would help to lower prices for consumers and increase access to affordable medications. Overall, the RAM Act of 2023 seeks to address the issue of rising prescription drug prices in the United States through a combination of price controls, transparency measures, and increased competition in the pharmaceutical industry. If passed, this legislation could have a significant impact on the affordability of prescription drugs for millions of Americans.

Congressional Summary of HR 2571

Reshoring American Manufacturing Act of 2023 or the RAM Act of 2023

This bill allows business taxpayers a tax credit, up to $25 million in a taxable year, for the cost of eligible reshoring expenses. The bill defines eligible reshoring expenses as amounts paid for the transportation (including any import duties, fees, or tariffs imposed with respect to such transportation) of manufacturing equipment from China to the United States. The credit expires after 2026.

Read the Full Bill

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Current Status of Bill HR 2571

Bill HR 2571 is currently in the status of Bill Introduced since April 10, 2023. Bill HR 2571 was introduced during Congress 118 and was introduced to the House on April 10, 2023. Bill HR 2571's most recent activity was Referred to the Subcommittee on Trade. as of December 17, 2024

Bipartisan Support of Bill HR 2571

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 2571

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 2571

RAM Act of 2023

Reshoring American Manufacturing Act of 2023

To amend the Internal Revenue Code of 1986 to provide a tax credit for certain expenses of moving manufacturing equipment from China to the United States, and for other purposes.