Supply Chain Security and Growth Act of 2024

This bill creates a 40% tax credit for businesses investing in new or upgraded facilities manufacturing critical supply chain items like pharmaceuticals, semiconductors, medical devices, and medical countermeasures. The credit applies to tangible equipment (like machinery) placed in service after December 31, 2024, for facilities primarily producing these designated goods. It specifically targets U.S. manufacturers of nationally vital products, excluding facilities already claiming other tax credits (like electricity production credits). The credit aims to incentivize domestic production of items deemed essential for public health, national security, and economic resilience.