American A.I. Sovereign Wealth Fund Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Overview
This bill, the American A.I. Sovereign Wealth Fund Act, proposes a new excise tax on ‘systemically important AI activity’ conducted by certain companies. It aims to establish an American A.I. Sovereign Wealth Fund to capture the wealth generated by artificial intelligence, mirroring sovereign wealth funds used in other countries. The bill also introduces structural separation requirements for AI companies and establishes a commission to manage the fund and distribute its assets. It seeks to ensure that the economic benefits of AI are shared broadly and not solely concentrated among a few large corporations.
Key provisions
- Imposes an excise tax on ‘systemically important AI activity’ by AI companies exceeding $200 million in gross receipts.
- Creates an American A.I. Sovereign Wealth Fund to hold equity interests from the tax revenue.
- Requires ‘structural separation’ of AI companies to focus solely on AI-related activities.
- Establishes an Independent Commission for Democratic AI to manage the sovereign wealth fund.
- Provides for the distribution of fund assets to the American people.
- Defines ‘applicable AI company’ and ‘applicable AI trade or business’ based on AI data centers, computing infrastructure, services, and robotics research.
- Creates a new reporting requirement for purchases of AI-related goods and services.
Who is affected
- Artificial Intelligence Companies
- Investors
- The American Public
Bill text
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1 on record
Primary sponsor
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