PILLS Act

The PILLS Act would create two new tax credits to encourage domestic production of generic drugs and biosimilars: a production credit equal to 30-35% of the value added to eligible components (with a domestic content bonus) and an investment credit of 25% of qualified investments in facilities producing these medicines. The credits would apply to taxpayers producing eligible components in the United States for sale to unrelated persons, but would be denied to foreign entities of concern and phased out for sales after 2030. The bill also includes provisions for elective payment, transfer of credits, and conforming amendments to the Internal Revenue Code, with an effective date for production…

AI summary · The lawmakers haven’t published an official summary of this bill yet, so 52 wrote this one from the bill’s text.