1. Short title This Act may be cited as the Infant Formula Made in America Act of 2024 . 2. Domestic infant formula manufacturing investment credit (a) In general Subpart E of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 48E the following new section: 48F. Domestic infant formula manufacturing investment credit (a) In general For purposes of section 46, in the case of an eligible taxpayer, the domestic infant formula manufacturing credit for any taxable year is an amount equal to 30 percent of the qualified investment for such taxable year. (b) Qualified investment (1) In general For purposes of this section, the qualified investment for any taxable year is the basis of eligible property placed in service by the taxpayer during such taxable year which is part of a qualifying infant formula manufacturing project. (2) Certain qualified progress expenditures rules made applicable Rules similar to the rules of subsections (c)(4) and (d) of section 46 (as in effect on the day before the enactment of the Revenue Reconciliation Act of 1990) shall apply for purposes of this section. (3) Limitation The amount which is treated as the qualified investment for all taxable years with respect to any qualifying infant formula manufacturing project shall not exceed the amount designated by the Secretary as eligible for the credit. (c) Definitions For purposes of this section— (1) Eligible taxpayer (A) In general For purposes of this section, the term eligible taxpayer means a taxpayer if such taxpayer’s total global revenue for the calendar year that precedes the calendar year in which the taxpayer submits an application under subsection (d)(1)(A) does not exceed $750,000,000. (B) Aggregation rules For purposes of this paragraph, all persons which are treated as a single employer under subsections (a) and (b) of section 52 shall be treated as a single taxpayer. (2) Qualifying infant formula manufacturing project The term qualifying infant formula manufacturing