Infant formula production credit

(a) In general Subpart D of part IV of subchapter A of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 45BB. Infant formula production credit (a) In general In the case of a qualified taxpayer, for purposes of section 38, the infant formula production credit for any taxable year is an amount equal to the product of— (1) the amount in pounds (determined consistent with regulations issued under section 48F(g) with respect to liquid concentrate) of eligible infant formula manufactured by such taxpayer and sold for use in the United States during such taxable year, multiplied by (2) $2. (b) Qualified taxpayer For purposes of this section, the term qualified taxpayer means, with respect to a taxable year— (1) a taxpayer if such taxpayer’s total global revenue for the preceding taxable year does not exceed $750,000,000, or (2) a taxpayer to whom a credit was allowed under this section in the preceding taxable year. (c) Eligible infant formula defined For purposes of this section, the term eligible infant formula has the meaning given such term in section 48F. (d) Limitations (1) Maximum amount of formula For purposes of determining the amount of the credit under subsection (a), the amount of eligible infant formula determined under subsection (a) with respect to any taxable year shall not exceed 18,000,000 pounds. (2) 5-year limitation No credit shall be allowed under subsection (a) to a taxpayer for a taxable year unless— (A) no credit has been allowed to such taxpayer in any prior taxable year, or (B) such taxable year occurs during the 5 taxable year period beginning on the first day of the first taxable year for which a credit was allowed under subsection (a) to such taxpayer. (e) Aggregation rules For purposes of this section, all persons which are treated as a single employer under subsections (a) and (b) of section 52 shall be treated as a single taxpayer. (f) Coordination with investment credit Infant formula produced at a facility with respect to which a credit was allowed under section 48F shall not be taken into account for purposes of subsection (a).. (b) Credit made transferable Section 6418(f)(1) of such Code (as amended by section 2) is amended by adding at the end the following new clause: (xiii) The infant formula production credit determined under section 45BB.. (c) Elective payment of credit Section 6417(b) of such Code (as amended by section 2) is amended by adding at the end the following new paragraph: (14) The infant formula production credit determined under section 45BB.. (d) Credit allowed as part of general business credit Section 38(b) of such Code is amended by striking plus at the end of paragraph (40), by striking the period at the end of paragraph (41) and inserting, plus, and by adding at the end the following new paragraph: (42) the infant formula production credit determined under section 45BB(a).. (e) Clerical amendment The table of sections for subpart D of part IV of subchapter A of the Internal Revenue Code of 1986 is amended by adding at the end the following new item: Sec. 45BB. Infant formula production credit.. (f) Effective date The amendments made by this section shall apply to formula manufactured after the date of the enactment of this Act.