A bill to strengthen American economic resiliency and equitably expand economic opportunity by launching a national competition, promoting State and local strategic planning, encouraging innovation by the public and private sectors, and by substantially investing Federal resources in research and development.
Innovation Centers Acceleration Act
This bill establishes a program to advance economic development by designating nine cities as innovation centers and providing and modifying certain related grants. It also establishes the Innovation Center Selection Committee to designate these cities.
The innovation center designation entitles selected cities—and the businesses, research institutions, and other organizations that operate within them—to various federal funds and benefits for research activities, business and workforce development, and transportation infrastructure projects.
These benefits include expanding various tax credits and incentives for businesses. The bill also makes it easier for those businesses to access loans and other financial instruments to raise capital.
In addition, the bill establishes a grant program for local and tribal governments that partner with innovation centers to develop and preserve affordable housing. It also modifies existing grants, loans, and other programs that support transportation infrastructure to specifically target initiatives in innovation centers.
Referred to the Subcommittee on Economic Development, Public Buildings, and Emergency Management.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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