Bill > HR6109

This bill, the Producing Incentives for Long-term production of Lifesaving Supply of Medicine Act (PILLS Act), amends the Internal Revenue Code to establish a tax credit for the production of generic drugs and biosimilars (similar biological products to brand-name drugs) in the United States. The bill provides a 30% credit for the value added to eligible components, with higher credit percentages for the final production of drug substances, drug products, and biological products. It also offers a domestic content bonus credit for eligible components containing materials and components produced in the U.S. Additionally, the bill creates a 25% tax credit for investments in qualified facilities used to produce eligible components. The credits are subject to phaseout provisions and certain exclusions, and only apply to taxpayers that are not considered "foreign entities of concern."