Infant Formula Made in America Act of 2024

This bill creates two tax credits to incentivize domestic infant formula manufacturing in the United States. The Domestic Infant Formula Manufacturing Investment Credit provides a 30% tax credit for eligible companies that invest in qualifying manufacturing facilities, with a limit of $150 million per project and $750 million total. The Infant Formula Production Credit offers a $2 per pound tax credit for eligible infant formula manufactured and sold in the U.S., limited to 18 million pounds annually per company. Both credits are available only to companies with global revenue under $750 million and expire after 10 years. These provisions aim to encourage domestic production of infant formula that meets U.S. safety standards.