Innovation and Competitiveness Act

H.R. 4845, the Innovation and Competitiveness Act, is a multi-part legislative proposal designed to stimulate economic growth by reforming tax, legal, education, and healthcare systems. The bill would simplify state tax rules for businesses operating across state lines, requiring a physical presence in a state before that state can tax a company's income. It also aims to reduce "frivolous" lawsuits by making court sanctions mandatory for meritless filings and requiring personal injury cases to be filed in specific jurisdictions.

For citizens and students, the bill would replace the Robert C. Byrd Honors Scholarship with new "Innovation Scholarships" and offer student loan interest assistance for professionals who commit to five years of work in mathematics, science, or engineering. In the healthcare sector, the bill would allow individuals to purchase health insurance from providers in other states and establishes a national office to coordinate the transition to digital health records. Additionally, the bill would make the research and development tax credit permanent for businesses and prevent federal regulators from impeding the development of seamless mobile internet technologies.