,i #aahth ,,congress #b;d ,session ,h4 ,r4 #higa ,,in ,,the ,,house ,,of ,,representatives ,july #i1 #bjbd,mr4 ,nunn of ,iowa 7for himself and ,ms4 ,houlahan7 introduced the following bill2 which was referred to the ,committee on ,ways and ,means1 and in addition to the ,committee on ,agriculture1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to allow an investment credit for certain domestic infant formula manufacturing facilities4 #a4 ,short title ,this ,act may be cited as the ,investing in ,new ,families ,and ,newborns ,through ,tax ,credit ,act or the ,,infant ,tax ,credit ,act4 #b4 ,domestic infant formula manufacturing investment credit 7a7 ,in general ,subpart ,e of part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by inserting after section #dh;,e the following new section3 #dh;,f4 ,domestic infant formula manufacturing investment credit 7a7 ,establishment of credit ,for purposes of section #df1 the domestic infant formula manufacturing investment credit for any taxable year is an amount equal to #be percent of the qualified investment for such taxable year with respect to any domestic infant formula manufacturing facility of an eligible taxpayer4 7b7 ,qualified investment 7#a7 ,in general ,for purposes of subsection 7a71 the qualified investment with respect to any domestic infant formula manufacturing facility for any taxable year is the basis of any qualified property placed in service by the taxpayer during such taxable year which is part of a domestic infant formula manufacturing facility4 7#b7 ,qualified property 7,a7 ,in general ,for purposes of this subsection1 the term qualified property means property-- 7i7 which is tangible property1 7ii7 with respect to which depreciation 7or amortization in lieu of depreciation7 is allowable1 7iii7 which is-- 7,i7 constructed1 reconstructed1 or erected by the taxpayer1 or 7,,ii7 acquired by the taxpayer if the original use of such property commences with the taxpayer1 and 7iv7 which is integral to the operation of the domestic infant formula manufacturing facility4 7,b7 ,buildings and structural components 7i7 ,in general ,the term qualified property includes any building or its structural components which otherwise satisfy the requirements under subparagraph 7,a74 7ii7 ,exception ,clause 7i7 shall not apply with respect to a building or portion of a building used for offices1 administrative services1 or other functions unrelated to manufacturing4 7#c7 ,domestic infant formula manufacturing facility ,for purposes of this section-- 7,a7 ,in general ,the term domestic infant formula manufacturing facility means a facility the primary purpose of which is the manufacturing of eligible infant formula4 7,b7 ,eligible infant formula ,the term eligible infant formula means infant formula that-- 7i7 may lawfully be sold in the ,united ,states1 and 7ii7 is manufactured in the ,united ,states4 7#d7 ,coordination with rehabilitation credit2 ,certain qualified progress expenditures rules made applicable ,rules similar to the rules of paragraphs 7#c7 and 7#d7 of section #dh;,d7b7 shall apply for purposes of this section4 7c7 ,eligible taxpayer 7#a7 ,in general ,for purposes of this section1 the term eligible taxpayer means a taxpayer-- 7,a7 described in section #dh;,d7c71 and 7,b7 with a total global revenue for the taxable year which does not exceed #gej1jjj1jjj4 7#b7 ,aggregation rules ,for purposes of this paragraph1 all persons which are treated as a single employer under subsections 7a7 and 7b7 of section #eb shall be treated as a single taxpayer4 4 7b7 ,elective payment and transfer of credit ,section #fdag of such ,code is amended-- 7#a7 in subsection 7b71 by adding at the end the following new paragraph3 7#ac7 the domestic infant formula manufacturing investment credit under section #dh;,f4 1 and 7#b7 in subsection 7d77#a7-- 7,a7 in subparagraph 7,e71 by striking 7,c71 or 7,d7 each place it appears and inserting 7,c71 7,d71 or 7,e71 7,b7 by redesignating subparagraph 7,e7 as subparagraph 7,f71 and 7,c7 by inserting after subparagraph 7,d7 the following new subparagraph3 7,e7 ,election with respect to domestic infant formula manufacturing investment credit ,if a taxpayer other than an entity described in subparagraph 7,a7 makes an election under this subparagraph with respect to any taxable year in which such taxpayer has1 after the date of the enactment of this subparagraph1 placed in service qualified property which is part of a domestic infant formula manufacturing facility 7as defined in section #dh;,f7b77#c771 such taxpayer shall be treated as an applicable entity for purposes of this section for such taxable year1 but only with respect to the credit described in subsection 7b77#ac74 4 7c7 ,inclusion in investment credit ,section #df of such ,code is amended in paragraph 7#f7 by striking and1 in paragraph 7#g7 by striking the period and inserting 1 and1 and by adding at the end the following new paragraph3 7#h7 the domestic infant formula manufacturing investment credit4 4 7d7 ,clerical amendment ,the table of sections for subpart ,e of part ,,iv of subchapter ,a of chapter #a of such ,code is amended by inserting after the item relating to section #dh;,e the following new item3 ,sec4 #dh;,f4 ,domestic infant formula manufacturing investment credit4 4 7e7 ,effective date ,the amendments made by this section shall apply to property placed in service after ,march #a1 #bjbb4 #c4 ,infant formula production credit 7a7 ,in general ,subpart ,d of part ,,iv of subchapter ,a of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new section3 #de;,,bb4 ,infant formula production credit 7a7 ,in general ,in the case of a qualified taxpayer1 for purposes of section #ch1 the infant formula production credit for any taxable year is an amount equal to the product of-- 7#a7 the amount in pounds of eligible infant formula manufactured by such taxpayer and sold for use in the ,united ,states during such taxable year1 multiplied by 7#b7 #a4ej4 7b7 ,qualified taxpayer ,for purposes of this section1 the term qualified taxpayer means1 with respect to a taxable year-- 7#a7 a taxpayer if such taxpayer's total global revenue for the preceding taxable year does not exceed #ejj1jjj1jjj1 or 7#b7 a taxpayer to whom a credit was allowed under this section in the preceding taxable year4 7c7 ,eligible infant formula defined ,for purposes of this section1 the term eligible infant formula has the meaning given such term in section #dh;,f7b77#c77;,b74 7d7 ,aggregation rules ,for purposes of this section1 all persons which are treated as a single employer under subsections 7a7 and 7b7 of section #eb shall be treated as a single taxpayer4 7e7 ,coordination with investment credit ,infant formula produced at a facility with respect to which a credit was allowed under section #dh;,f shall not be taken into account for purposes of subsection 7a74 4 7b7 ,credit made transferable ,section #fdah7;f77#a7 of such ,code 7as amended by section #b7 is amended by adding at the end the following new clause3 7xii7 ,the infant formula production credit determined under section #de;,,bb4 4 7c7 ,elective payment of credit ,section #fdag7;b7 of such ,code 7as amended by section #b7 is amended by adding at the end the following new paragraph3 7#ad7 ,the infant formula production credit determined under section #de;,,bb4 4 7d7 ,credit allowed as part of general business credit ,section #ch7;b7 is amended by striking plus at the end of paragraph 7#dj71 by striking the period at the end of paragraph 7#da7 and inserting 1 plus1 and by adding at the end the following new paragraph3 7#db7 in the case of an eligible taxpayer 7as defined in section #dh;,f71 the infant formula production credit determined under section #de;,,bb7a74 4 7e7 ,clerical amendment ,the table of sections for subpart ,d of part ,,iv of subchapter ,a of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new item3 ,sec4 #de;,,bb4 ,infant formula production credit4 4 7f7 ,effective date ,the amendments made by this section shall apply to formula manufactured after the date of the enactment of this ,act4 #d4 ,reports to ,congress ,not later than #a year after the date of the enactment of this ,act and annually thereafter1 the ,secretary of ,agriculture shall submit to ,congress a report that includes-- 7#a7 with respect to the year preceding the report1 the number of persons that-- 7,a7 operated a domestic infant formula manufacturing facility 7as defined in section #dh;,f7b77#c7 of the ,internal ,revenue ,code of #aihf72 and 7,b7 received funding under a rural development program of the ,department of ,agriculture2 7#b7 a description of any barriers that would prevent a person that operates such a facility from accessing such funding and the resources the ,secretary requires to address such barriers2 and 7#c7 an assessment of the impact that domestic infant formula manufacturing facilities have on the communities in which such facilities are located4