Adds a new section 48F to Subpart E of part IV of subchapter A (chapter 1) creating the generic drugs and biosimilars investment credit.

Adds the generic drugs and biosimilars investment credit to the list of 'applicable credits' eligible for elective payment and modifies election rules to treat certain taxpayers as applicable entities for purposes of this credit.

Adds the generic drugs and biosimilars investment credit to the list of credits eligible for transfer under section 6418.

Adds the generic drugs and biosimilars investment credit to the enumerated list of credits referenced in section 46.

Adds qualified property which is part of a qualified facility under section 48F to the list of property specified in section 49(a)(1)(C).

Adds a new section 45BB to Subpart D of part IV of subchapter A of the Internal Revenue Code establishing a generic drugs and biosimilars production credit, including rules for allowance, calculation (value added basis), base credit percentages (30% standard, 35% for final production of drug substance/drug product/biological product), a domestic content bonus, documentation requirements, exclusions for facilities with certain FDA warning letters, definitions, special rules, regulatory authority, and a phasedown beginning after Dec 31, 2030.

Amends section 38(b) to add the generic drugs and biosimilars production credit (section 45BB(a)) to the list of credits included in the general business credit.