Growing and Preserving Innovation in America Act of 2024

The Growing and Preserving Innovation in America Act of 2024 amends the Internal Revenue Code to reduce the tax deduction rate for foreign-derived intangible income (FDII) from 50% to 37.5%. This directly affects U.S. corporations earning income from intellectual property abroad, as it lowers the tax deduction they can claim on that income. The change takes effect on the date the bill is enacted, altering the tax treatment of foreign-derived income for affected businesses. The provision is a specific policy adjustment to the tax code, not a broader innovation incentive.