Temporary 100 percent expensing for pharmaceutical and medical device manufacturing property

(a) In General For purposes of section 168(k) of the Internal Revenue Code of 1986, in the case of any qualified pharmaceutical and medical device manufacturing property which is placed in service after December 31, 2024, and before January 1, 2031— (1) such property shall be treated as a qualified property (within the meaning of such section); (2) the applicable percentage otherwise determined under section 168(k)(6) of such Code with respect to such property shall be 100 percent; and (3) paragraph (8) of such section shall not apply. (b) Qualified pharmaceutical and medical device manufacturing property For purposes of this section, the term qualified pharmaceutical and medical device manufacturing property means any tangible property placed in service in the United States as part of the construction or expansion of property for the manufacture of drugs (as defined in section 201(g) of the Federal Food, Drug, and Cosmetic Act (21 U.S.C. 321(g)) or devices (as defined in section 201(h) of such Act (21 U.S.C. 321(h)))). (c) Termination This section shall not apply to any property placed in service after December 31, 2030.