Build America Fund Act

Key Points

• The bill creates a new federal investment fund, the Manufacturing Sovereign Wealth Fund, starting with $100 billion, to rebuild U.S. factories and cut reliance on foreign suppliers for critical goods.
• To pay for it, the bill adds new fees on large corporate mergers, high-volume stock sales, and stock buybacks, and raises the corporate tax rate from 21 to 22 percent.
• Companies that take Fund money must agree not to move jobs overseas or expand operations abroad for 50 years, and the government gets a 'golden share' letting it veto layoffs, plant closures, or foreign buyouts.
• Starting with tax years after September 2032, most taxpayers would get an annual 'Build America Dividend' credit funded by a share of the Fund's investment profits, with more money going to lower earners.
• A 13-member Board of Governors including labor, industry, and academic representatives would run the Fund and must ensure companies stay neutral if their workers try to unionize.
• The Fund's main operations end automatically 10 years after enactment, with leftover money going to the Commerce Department for manufacturing grants unless Congress renews it.