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.