S. 4624 · 116th Congress
Innovation Centers Acceleration Act
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
CoonsSponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill provides a program to advance economic development by designating nine cities as innovation centers—increasing funding for research and development—and providing and modifying certain related grants. It also establishes the Innovation Center Selection Committee to designate these cities.
What it does: CRS summary · Introduced in Senate · Sep 17, 2020
Innovation Centers Acceleration Act
This bill provides a program to advance economic development by designating nine cities as innovation centers—increasing funding for research and development—and providing and modifying certain related grants. It also establishes the Innovation Center Selection Committee to designate these cities.
The innovation center designation entitles participating cities—and the businesses, research institutions, and other organizations that operate within them—to various federal funding and benefits for research activities, business and workforce development, and transportation infrastructure projects.
These benefits include expanding various tax credits and incentives for businesses and enabling 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Innovation Centers Acceleration Act
Latest action (Sep 17, 2020): Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Policy area: Commerce · Origin: Senate · Introduced: Sep 17, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.