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Code · BILL · 116th Congress · S. 4324 (Introduced in Senate) — To facilitate the availability, development, and production of domestic resources to meet national personal protectiv... · Sec. 103

Sec. 103. Investment credit for qualifying medical personal protective equipment manufacturing projects

1,211 words·~6 min read·/bill/116/s/4324/is/section-103·

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Subpart E of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 48C the following new section: For purposes of section 46, the qualifying medical personal protective equipment manufacturing project credit for any taxable year is an amount equal to 30 percent of the qualified investment for such taxable year with respect to any qualifying medical personal protective equipment manufacturing project of the taxpayer. For purposes of subsection (a), the qualified investment for any taxable year is— in the case of any eligible property placed in service by the taxpayer during such taxable year, the basis of such property, and in the case of any property previously placed in service by the taxpayer during any period before such taxable year which qualifies as eligible property for such taxable year, the adjusted basis of such property (as determined as of the beginning of such taxable year).
Rules similar to the rules of subsections (c)(4) and
(d)of section 46 (as in effect on the day before the enactment of the Revenue Reconciliation Act of 1990) shall apply for purposes of this section. The amount which is treated as the qualified investment for all taxable years with respect to any qualifying medical personal protective equipment manufacturing project shall not exceed the amount designated by the Secretary as eligible for the credit under this section. The term qualifying medical personal protective equipment manufacturing project means a project— which re-equips, expands, establishes, or continues a manufacturing facility for the production of— any item described in paragraph (6)(B) of section 319F–2(a) of the Public Health Service Act (42 U.S.C. 247d–6b(a)), or any textile products for medical applications which are not described in subclause (I), as identified by the Secretary, in consultation with the Secretary of Health and Human Services, and any portion of the qualified investment of which is certified by the Secretary under subsection
(d)as eligible for a credit under this section. Subclause
(I)of subparagraph (A)(i) shall not include sensors, electronics, or other items added to, and not normally associated with, equipment or clothing described in such subclause. The term eligible property means any property— which is necessary for the production of property described in paragraph (1)(A)(i), which is— tangible personal property, or other tangible property (not including a building or its structural components), but only if such property is used as an integral part of the manufacturing facility described in such paragraph, with respect to which depreciation (or amortization in lieu of depreciation) is allowable, and which is part of a qualifying medical personal protective equipment manufacturing project. Not later than 90 days after the date of enactment of this section, the Secretary, in consultation with the Secretary of Health and Human Services, shall establish a qualifying medical personal protective equipment manufacturing project program to consider and award certifications for qualified investments eligible for credits under this section to qualifying medical personal protective equipment manufacturing project sponsors. The total amount of credits that may be allocated under the program shall not exceed $7,500,000,000. Each applicant for certification under this paragraph shall submit an application (containing such information as the Secretary may require) during the 1-year period beginning on the date the Secretary establishes the program under paragraph (1). Each applicant for certification shall have 1 year from the date of acceptance by the Secretary of the application during which to provide to the Secretary evidence that the requirements of the certification have been met. An applicant which receives a certification shall have 2 years from the date of issuance of the certification in order to place the project in service and if such project is not placed in service by that time period, then the certification shall no longer be valid. In determining which qualifying medical personal protective equipment manufacturing projects to certify under this section, the Secretary shall take into consideration which projects— will provide the greatest net increase in job creation (both direct and indirect) within the United States (as defined in section 4612(a)(4)) during the credit period, will provide the largest net increase in the amount of medical personal protective equipment for which there is the greatest need for purposes of the Strategic National Stockpile (as described in section 319F–2(a) of the Public Health Service Act (42 U.S.C. 247d–6b(a))), have the greatest potential to help achieve medical manufacturing independence for the United States, and have the greatest potential to meet current demand or sudden surges in demand for personal protective equipment. Not later than 3 years after the date of enactment of this section, the Secretary shall review the credits allocated under this section as of such date. The Secretary may reallocate credits awarded under this section if the Secretary determines that— there is an insufficient quantity of qualifying applications for certification pending at the time of the review, or any certification made pursuant to paragraph
(2)has been revoked pursuant to paragraph (2)(B) because the project subject to the certification has been delayed as a result of third party opposition or litigation to the proposed project. If the Secretary determines that credits under this section are available for reallocation pursuant to the requirements set forth in paragraph (2), the Secretary is authorized to conduct an additional program for applications for certification. The Secretary shall, upon making a certification under this subsection, publicly disclose the identity of the applicant and the amount of the credit with respect to such applicant. No credit shall be allowed under any provision of this chapter with respect to any amount taken in account in determining the credit allowed to a taxpayer under this section. . Section 46 of the Internal Revenue Code of 1986 is amended— by striking and at the end of paragraph (5); by striking the period at the end of paragraph
(6)and inserting , and ; and by adding at the end the following: the qualifying medical personal protective equipment manufacturing project credit. . Section 49(a)(1)(C) of such Code is amended— by striking and at the end of clause (iv); by striking the period at the end of clause
(v)and inserting , and ; and by adding at the end the following: the basis of any property which is part of a qualifying medical personal protective equipment manufacturing project under section 48D. . Section 50(a)(2)(E) of such Code is amended by striking or 48C(b)(2) and inserting , 48C(b)(2), or 48D(b)(2) . The table of sections for subpart E of part IV of subchapter A of chapter 1 of such Code is amended by inserting after the item relating to section 48C the following new item: Sec. 48D. Qualifying medical personal protective equipment manufacturing project credit. . Section 59A(b)(1)(B)(ii) of the Internal Revenue Code of 1986 is amended by striking plus at the end of subclause (I), by redesignating subclause
(II)as subclause (III), and by inserting after subclause
(I)the following new subclause: the credit allowed under section 38 for the taxable year which is properly allocable to the portion of the investment credit determined under section 46 that is properly allocable to section 48D(a), plus . The amendments made by this section shall apply to projects certified after the date of enactment of this Act.
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  • 42 USC 247d–6b(a)
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Sec. 103
Investment credit for qualifying medical personal protective equipment manufacturing projects
Cite42 USC 247d–6b(a)
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