Top 10 Bioeconomy Must-Knows in the Biden Transition

4. Domestic Manufacturing

Here are key elements of Joe Biden’s Manufacturing Plan as detailed here.

1. Create A “Made in America” Tax Policy with a New Biden Offshoring Tax Penalty and a new Biden Made in America Tax Credit.

2. Impose an New Offshoring Tax Penalty. Biden will establish a 28% corporate tax rate, plus a 10% Offshoring Penalty surtax, on profits of any production by a United States company overseas for sales back to the United States. Companies will pay a 30.8% tax rate on any such profits.

3. Biden Will Establish a New “Made in America” Tax Credit to Save and Create Manufacturing Jobs. This will be a 10% advanceable tax credit for companies making investments that will create jobs for American workers and accelerate economic recovery to build back better. It will be available for the following purposes:
Revitalizing Existing Closed or Closing Facilities – Retooling Any Facility to Advance Manufacturing – Reshoring Job-Creating Production to the United States – Expanding or Broadening US Facilities to Grow Employment in the US – Expanding Manufacturing Payroll

4. In his first week in office, Biden will sign executive actions to strengthen Buy American — Use authorities under the Defense Production Act and the Federal Property and Administrative Services Act of 1949 Act to enforce Buy American rules. Expand and Tighten Buy America rules for public infrastructure projects. Make American products more competitive in public procurement. Crack down on companies that label products as Made in America even if they’re coming from China or elsewhere. Create a new “Made in America” Office within the White House Office of Management and Budget.