American Innovation Act of 2025

Bill 119 HR 1778, also known as the "Innovation Promotion Act," aims to make changes to the Internal Revenue Code of 1986 in order to encourage and support new business innovation in the United States. The bill includes provisions that seek to provide tax incentives and benefits to businesses that are engaged in innovative activities.

One key aspect of the bill is the creation of tax credits for businesses that invest in research and development, as well as for those that develop new technologies or products. These tax credits are designed to incentivize businesses to take risks and invest in innovation, which can ultimately lead to economic growth and job creation.

Additionally, the bill includes measures to streamline the process for businesses to apply for and receive these tax credits, making it easier for them to take advantage of the incentives provided. This is intended to remove barriers that may prevent businesses from engaging in innovative activities due to the complexity of the tax code. Overall, the Innovation Promotion Act is aimed at fostering a culture of innovation and entrepreneurship in the United States by providing support and incentives for businesses to invest in new ideas and technologies. By promoting innovation, the bill seeks to drive economic growth and competitiveness in the global marketplace.