HR 8504
Supply Chain Security and Growth Act of 2024
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- Passed House
- Passed Senate
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- Became Law
Bill overview
The Supply Chain Security and Growth Act of 2024 creates a tax credit to encourage businesses to bring critical supply chains back to the United States. This credit, known as the Critical Supply Chains Reshoring Investment Credit, provides a 40% tax break for qualified investments made in facilities that manufacture essential goods like pharmaceuticals, semiconductors, and medical devices. The credit applies to property constructed or acquired by the taxpayer, and facilities must be located in a specified possession or Puerto Rico. The bill also coordinates this credit with existing electricity production tax credits.
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Primary sponsor
Cosponsors
Bill Pascrell
James C. [R-GU-At Large] Moylan
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