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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Oct 14, 2021.
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 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. 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.