Protecting American Advanced Manufacturing Act

Hozzl · 2024-01-24T16:30:20Z

Explore the details of Senate Bill 3486 Protecting American Advanced Manufacturing Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

1/24/2024, 4:30 PM

Summary of Bill S 3486

Bill 118 s 3486, also known as the Protecting American Advanced Manufacturing Act, is a piece of legislation introduced in the US Congress with the aim of supporting and promoting advanced manufacturing in the United States. The bill seeks to enhance the competitiveness of American manufacturers by investing in research and development, workforce training, and infrastructure improvements.

One of the key provisions of the bill is the establishment of a grant program to provide funding for research and development projects in advanced manufacturing technologies. These grants would be awarded to universities, research institutions, and private companies to support the development of new manufacturing processes and technologies that can help American manufacturers stay competitive in the global market.

Additionally, the bill includes provisions to support workforce training programs in advanced manufacturing. This includes funding for vocational training programs, apprenticeships, and other initiatives aimed at preparing workers for careers in advanced manufacturing industries. By investing in workforce training, the bill aims to ensure that American workers have the skills and knowledge needed to succeed in the rapidly evolving manufacturing sector. The Protecting American Advanced Manufacturing Act also includes provisions to improve infrastructure for manufacturers. This includes funding for upgrades to manufacturing facilities, improvements to transportation and logistics networks, and other investments aimed at enhancing the efficiency and productivity of American manufacturers. Overall, the bill is aimed at supporting and promoting advanced manufacturing in the United States in order to help American manufacturers compete in the global market and create jobs for American workers. By investing in research and development, workforce training, and infrastructure improvements, the bill seeks to strengthen the American manufacturing sector and ensure its continued success in the 21st century.

Congressional Summary of S 3486

Protecting American Advanced Manufacturing Act

This bill prohibits companies associated with governments of foreign adversaries from receiving the advanced manufacturing production tax credit. This includes companies that are owned, controlled by, operated by, or under the influence of a foreign adversary, any company whose equity interests are held by a foreign adversary (not less than 10%), or any company that is controlled by a foreign adversary through certain debt, lease, or manufacturing arrangements.

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Current Status of Bill S 3486

Bill S 3486 is currently in the status of Bill Introduced since December 13, 2023. Bill S 3486 was introduced during Congress 118 and was introduced to the Senate on December 13, 2023. Bill S 3486's most recent activity was Read twice and referred to the Committee on Finance. as of December 13, 2023

Bipartisan Support of Bill S 3486

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 3486

Primary Policy Focus

Taxation

Alternate Title(s) of Bill S 3486

Protecting American Advanced Manufacturing Act

A bill to amend the Internal Revenue Code of 1986 to disallow companies associated with foreign adversaries from receiving the advanced manufacturing production credit.