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Invent Here, Make Here Act of 2024
1/2/2025, 8:25 PM
Summary of Bill S 1956
One of the key provisions of the bill is the establishment of tax credits for companies that conduct research and development activities in the US. These tax credits are intended to offset the costs associated with innovation and encourage companies to invest in developing new technologies and products within the country.
Additionally, the bill includes measures to support domestic manufacturing, such as providing grants and loans to companies that expand their production facilities in the US. By incentivizing companies to manufacture goods domestically, the bill aims to create jobs and stimulate economic growth within the country. Overall, the Invent Here, Make Here Act of 2024 is designed to support American innovation and manufacturing by providing incentives for companies to keep their research and production activities within the United States. The bill aims to strengthen the country's economy and promote job creation by encouraging companies to invest in innovation and manufacturing domestically.
Congressional Summary of S 1956
Invent Here, Make Here Act of 2023
This bill (1) modifies the licensing requirements with respect to inventions developed with federal funds, and (2) requires the National Institute of Standards and Technology to coordinate with other agencies to support the domestic development of commercial products based on research conducted by federal agencies.
Generally, subject to individual waivers, the licensing for inventions developed with federal funds requires that the manufacture of products embodying or using such inventions occurs substantially in the United States. The bill (1) prohibits waivers of this requirement with respect to countries of concern (North Korea, China, Russia, Iran, or a country determined to be engaged in conduct detrimental to U.S. security), and (2) requires any such waiver to comply with the procedures established by the Made in America Office.
Read the Full Bill
Current Status of Bill S 1956
Bipartisan Support of Bill S 1956
Total Number of Sponsors
4Democrat Sponsors
4Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
2Democrat Cosponsors
0Republican Cosponsors
2Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 1956
Primary Policy Focus
CommercePotential Impact Areas
Alternate Title(s) of Bill S 1956
Comments
Chance Cherry
1 year ago
This bill ain't good for us folks. It's gonna hurt our wallets and jobs. We need to think about the future of our country.
