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MMEDS Act of 2023
H.R. 447, 118th Congress
- Status
- In committee
- Introduced
- 01/24/2023
- Cosponsors
- 3
- Latest action
- 01/24/2023
About this bill
- Official title
- MMEDS Act of 2023
- Sponsor
- Jenniffer Gonzalez-Colon (R-PR)
- Introduced in
- House
- Policy area
- Taxation
- Committees
- Energy and Commerce Committee, Ways and Means Committee
- Latest action
- Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Summary
Congressional Research Service, Introduced in House (01/24/2023)
Medical Manufacturing, Economic Development, and Sustainability Act of 2023 or the MMEDS Act of 2023
This bill provides incentives for relocating medical manufacturing facilities in the United States and for manufacturing medical products (i.e., drugs and devices) in economically distressed zones. Specifically, the bill allows a income tax credit for 40% of the sum of wages paid in a medical manufacturing economically distressed zone, employee fringe benefit expenses, and depreciation and amortization allowances with respect to qualified medical manufacturing facility property, and a credit for economically distressed zone products and services acquired by domestic medical manufacturers. The bill increases the credit rate for minority businesses.
Actions
Newest first
- 01/24/2023 · House
Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 01/24/2023
Introduced in House
Subjects: Aging, Business expenses, Business investment and capital, Cardiovascular and respiratory health, Community life and organization, Congressional oversight, Drug safety, medical device, and laboratory regulation, Economic development, Emergency medical services and trauma care, Government studies and investigations, Health technology, devices, supplies, Housing and community development funding, Immunology and vaccination, Income tax credits, Income tax deductions, Industrial facilities, Infectious and parasitic diseases, Manufacturing, Medical research, Medical tests and diagnostic methods, Minority and disadvantaged businesses, Minority health, Poverty and welfare assistance, Public-private cooperation, Research administration and funding, Research and development, Strategic materials and reserves, Unemployment, Veterans' medical care, Wages and earnings.
Source: U.S. Government Publishing Office, GovInfo Bill Status; Congressional Research Service summaries · Last updated 01/24/2023