1. Short title This Act may be cited as the Manufacturing Economic Recovery Act of 2017 . 2. Credit for acquisition of manufacturing property (a) In general Subpart E of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 (relating to rules for computing credit for investment in certain depreciable property) is amended by inserting after section 48D the following new section: 48E. Acquisition of manufacturing property (a) In general For purposes of section 46, the manufacturing recovery credit for any taxable year is an amount equal to— (1) the applicable percentage of the taxpayer’s basis in manufacturing real property placed in service by the taxpayer during the taxable year, and (2) the applicable percentage of the taxpayer’s basis in manufacturing tangible personal property placed in service by the taxpayer during the taxable year. (b) Applicable percentages For purposes of this section— (1) Real property In the case of manufacturing real property, the applicable percentage is— (A) 10 percent in the case of property located on existing manufacturing property, (B) 15 percent in the case property of located on former manufacturing property, and (C) 20 percent in the case of property located on future manufacturing property. (2) Tangible personal property In the case of manufacturing tangible personal property, the applicable percentage shall be determined in accordance with the following table: If the aggregate manufacturing tangible personal property placed in service during the taxable year is: To the extent located on existing manufacturing property, the applicable percentage is: To the extent located on former manufacturing property, the applicable percentage is: To the extent located on future manufacturing property, the applicable percentage is: Not over $250,000 5 percent 10 percent 15 percent Over $250,000 but not over $1,000,000 7.5 percent 12.5 percent 17.5 percent Over $1,000,000 10 percent 15 percent 20 percent. (3) Increased credit for property located in economically