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Congressman Alex X. Mooney Sponsors the Make Medicine in America Again Act

WASHINGTON, DC – Today, Congressman Alex X. Mooney introduced the “Make Medicine in America Again Act.” This bill helps incentivize the domestic production of pharmaceuticals to ensure the United States can supply the medicines Americans need.

“The coronavirus pandemic has exposed our nation’s dependence on China for critical and life-saving prescription drugs.” said Congressman Alex X. Mooney. “My bill would create tax deductions and credits to help encourage growth in our country’s pharmaceutical industries.”

Background: The bill extends and expands the cost expensing provisions of the Tax Cuts and Jobs Act to allow for a 100% write-off of new property put into service for domestic pharmaceutical manufacturing. This would apply to property, equipment, building, and facilities and only apply to the pharmaceutical industry for domestic production.

Additionally, the bill implements a 50% production tax credit for pharmaceuticals and active pharmaceutical ingredients in the United States. This tax credit would apply to direct and indirect costs including wages and property.

These provisions use incentives, not disruptive mandates, to reduce the cost of moving pharmaceutical manufacturing back to the United States where it belongs.