MMEDS Act of 2023

The MMEDS Act of 2023 creates tax incentives to encourage medical product manufacturing in economically distressed areas. It offers a 40% tax credit for wages, fringe benefits, and property expenses related to medical manufacturing in designated zones, with a higher 60% credit for facilities that repatriate production from foreign countries posing supply chain risks. The bill defines "economically distressed zones" as areas with a poverty rate of at least 35% for five consecutive years or meeting specific economic distress criteria. Medical product manufacturers operating in these zones would benefit from these tax incentives, while the bill also requires a report on therapies for vulnerable populations affected by health crises.