Section 1. Short title
This Act may be cited as the Growing and Preserving Innovation in America Act of 2024.
(a) In general
Section 250(a)(3) of the Internal Revenue Code of 1986 is amended by striking paragraph (1) and all that follows and inserting paragraph (1)(B) shall be applied by substituting 37.5 percent for 50 percent..
(b) Effective date
The amendment made by this section shall take effect on the date of the enactment of this Act.