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HR9954119th CongressWALLET

Build America Fund Act

Sponsored By: Representative Deluzio, Christopher R. [D-PA-17]

Introduced

Summary

Creates a Manufacturing Sovereign Wealth Fund that would use federal funding, new fees, and a corporate tax increase to rebuild U.S. industrial capacity, secure supply chains, and support advanced manufacturing jobs. It pairs big public investment with domestic-control rules, long offshore bans, and worker protections.

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Bill Overview

Analyzed Economic Effects

7 provisions identified: 3 benefits, 2 costs, 2 mixed.

Build America Dividend for individuals

The bill would create a refundable "Build America Dividend" for eligible U.S. individuals for tax years starting after September 30, 2032. The Fund board would set the per-person amount and income phaseout. Total yearly payments would equal 25% of the Fund's five-year average annual proceeds. People who are nonresident aliens, claimed as someone else's dependent, or estates and trusts would not qualify. Refund timing and ID requirements are specified.

Big funding and revenue for Fund

The bill would give the Fund large, multi-year capital: $100 billion at enactment and another $210 billion across nine later fiscal years (totaling $310 billion). The Fund Chair must certify every two years whether Fund revenues can sustain operations; if so, scheduled future appropriations would be cut by 20%. It would also direct certain auto tariffs and antidumping or countervailing duties to the Fund starting in the first fiscal year after enactment.

New Manufacturing Sovereign Fund rules

The bill would create a Manufacturing Sovereign Wealth Fund run by a 13-member board the President names and the Senate confirms. The Fund could make equity investments, loans, guarantees, and profit-sharing deals, and it would keep and reuse investment returns without more appropriations. Companies getting equity must meet U.S. control rules, accept a Fund "Golden Share" veto over major moves, and agree not to move or expand operations abroad for 50 years. The Fund may not make a single investment over $250 million without Board approval.

Fund sunset and post-sunset transfers

The bill would end Fund authorities 10 years after enactment. The Fund could make obligations that mature after that date for an orderly wind-down. Any remaining, unneeded funds would go to the Commerce Department for manufacturing programs. Construction projects paid with those transferred funds would still need to follow Davis‑Bacon prevailing wage rules.

Worker wages and union neutrality rules

If enacted, workers on construction or related work that the Fund helps pay for would be paid Davis‑Bacon prevailing wages. Companies that get Fund investments would also have to stay neutral during union organizing by not holding mandatory anti-union meetings, retaliating, or using company money to oppose organizing. The Fund could suspend or claw back investments if firms break these rules.

Higher fees on big deals and trades

This bill would make large buyers pay new fees on big corporate deals and on stock market activity. Buyers in deals worth over $1 billion would pay a 1% fee on the transaction value. Companies that repurchase their own stock would pay $100 per issuer purchase. People who already sold more than $1,000,000 of stock in a year would pay 0.1% on later sales. Collected fees would go to the Manufacturing Sovereign Wealth Fund.

New fee for moving jobs offshore

If enacted, large manufacturers (over $250 million in annual revenue) that move production offshore would pay a fee. The fee would equal the U.S.-to-offshore labor cost per unit times the units moved plus any federal tax credits, subsidies, or grants previously received. The Fund board could raise the fee using tiered multipliers for very risky cases like child labor or high emissions.

Sponsors & CoSponsors

Sponsor

Deluzio, Christopher R. [D-PA-17]

PA • D

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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