E of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 48D. Qualifying advanced medical manufacturing equipment credit (a) In general For purposes of section 46, the qualifying advanced medical manufacturing equipment credit determined under this section for any taxable year is the applicable percentage of the basis of any qualifying advanced medical manufacturing equipment placed in service during such taxable year. (b) Applicable percentage For purposes of subsection (a), the applicable percentage is— (1) 30 percent in the case of equipment which is placed in service before January 1, 2028, (2) 20 percent in the case of equipment which is placed in service during calendar year 2028, (3) 10 percent in the case of equipment which is placed in service during calendar year 2029, and (4) 0 percent in the case of equipment which is placed in service after December 31, 2029. (c) Qualifying advanced medical manufacturing equipment For purposes of this section, the term qualifying advanced medical manufacturing equipment means property of a character subject to the allowance for depreciation— (1) which is machinery or equipment that is designed and used to manufacture a— (A) drug (as such term is defined in section 201(g)(1) of the Federal Food, Drug, and Cosmetic Act), (B) device (as such term is defined in section 201(h) of such Act), or (C) biological product (as such term is defined in section 351(i) of the Public Health Service Act), (2) which has been identified by the Secretary (after consultation with the Secretary of Health and Human Services) as machinery or equipment that— (A) incorporates novel technology or uses an established technique or technology in a new or innovative way, or (B) that can improve medical product quality, address shortages of medicines, and speed time-to-market, (3) which is placed in service in the United States by the taxpayer, and (4) with respect to which depreciation is allowable. (d) Certain