Bill > HR7527

This bill, the Medical Manufacturing, Economic Development, and Sustainability Act of 2020 (MMEDS Act of 2020), aims to rescue domestic medical manufacturing activity by providing incentives in economically distressed areas of the United States and its possessions. Key provisions include: 1) Establishing a tax credit of up to 40% for medical manufacturers located in "economically distressed zones" to cover wages, employee benefits, and facility expenses. 2) Providing additional tax credits of up to 60% for medical manufacturers that are bringing production back to the U.S. from foreign countries or producing "population health products" to protect vulnerable populations during pandemics. 3) Allowing manufacturers to expense the cost of certain facility property instead of claiming depreciation tax credits. 4) Defining criteria for designating "economically distressed zones" based on poverty rates and economic decline. 5) Expanding the definition of "qualified countermeasures" and "population health products" that can be supported through government initiatives to address threats from pandemics and infectious diseases. The overall goal is to incentivize domestic medical manufacturing, strengthen the national supply chain, and support the development and distribution of products to protect vulnerable populations during public health emergencies.