Bill > HR2008

This bill introduces two new tax credits aimed at supporting domestic infant formula manufacturing in the United States. The first credit, called the Domestic Infant Formula Manufacturing Investment Credit, provides a 30% tax credit for eligible companies investing in new or expanded infant formula manufacturing facilities. To qualify, companies must have global revenues under $750 million, use the investment for manufacturing facilities in the US, and commit to selling at least a certain percentage of their formula domestically. The credit is capped at $150 million per project and $750 million in total, with a 10-year window for project commencement. The second credit, the Infant Formula Production Credit, offers $2 per pound of eligible infant formula manufactured and sold in the United States, with a maximum annual limit of 18 million pounds per taxpayer. This credit is also limited to companies with global revenues under $750 million and can only be claimed for five consecutive years. Both credits are transferable and can be claimed as an elective payment, meaning companies can receive the credit even if they do not have sufficient tax liability. The bill is designed to encourage domestic infant formula production and reduce reliance on foreign manufacturers, likely in response to recent formula shortages in the United States.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/2008/all-info