American Business for American Companies Act of 2024

The American Business for American Companies Act of 2024 prohibits federal agencies from awarding civilian and defense contracts to "inverted domestic corporations" - foreign entities that acquired a US company after May 2014 and where former US shareholders hold more than 50% of the stock. The bill requires that for contracts over $10 million (excluding purely commercial items), prime contractors cannot subcontract more than 10% of work to such entities, with penalties including contract termination for violations. Exceptions exist for national security needs or health programs, requiring agencies to notify Congress within 14 days of granting a waiver. The bill defines "inverted domestic corporations" to include entities with significant US business activities, such as having at least 25% of employees, compensation, assets, or income located in the United States.