Bill > HR447

This bill, the Medical Manufacturing, Economic Development, and Sustainability Act of 2023 or the MMEDS Act of 2023, aims to rescue domestic medical manufacturing activity by providing tax incentives for businesses operating in economically distressed zones within the United States and its territories. 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 of qualified medical manufacturing facility property in economically distressed zones. 2. Providing a tax credit of up to 60% for domestic medical manufacturers that acquire products and services produced in economically distressed zones. 3. Offering enhanced tax credits of up to 60% for qualified repatriated medical manufacturing facilities or facilities that produce population health products identified by the Secretary of Health and Human Services. 4. Defining the criteria for designating an area as an economically distressed zone, which includes having a poverty rate of at least 30% for the past 5 years. 5. Authorizing the Secretary of Health and Human Services to support the development of population health products, which are widely available drugs to diagnose, mitigate, prevent, or treat harm from underlying non-communicable diseases that may result in adverse health consequences during epidemics or pandemics.