Bill > HR2653

This bill, the Medical Manufacturing, Economic Development, and Sustainability Act of 2021 (the "MMEDS Act of 2021"), aims to rescue domestic medical manufacturing activity by providing incentives in economically distressed areas of the United States and its possessions. The key provisions of the bill include: 1. Establishing a tax credit of up to 40% for medical manufacturing wages, employee fringe benefits, and depreciation/amortization expenses in "economically distressed zones." These zones are defined as areas with high poverty rates or other indicators of economic distress. 2. Providing an additional 20% tax credit (up to 60% total) for manufacturers of medical products that were previously produced overseas and for manufacturers of "population health products" that are important for protecting vulnerable populations during pandemics. 3. Allowing manufacturers to expense, rather than depreciate, investments in qualified medical manufacturing facilities in economically distressed zones. 4. Providing a tax credit of up to 50% for domestic medical manufacturers that acquire products or services from businesses located in economically distressed zones, with higher credits for purchases from minority-owned businesses. 5. Authorizing the Secretary of Health and Human Services to support the development and timely distribution of "population health products" that can help protect vulnerable populations during epidemics and pandemics.