This bill creates an "American A.I. Sovereign Wealth Fund" to capture public value from artificial intelligence companies and distribute benefits to all Americans. The legislation imposes an excise tax on large AI companies with over $200 million in annual revenue from AI-related activities, requiring them to surrender 50 percent of their equity to a newly created federal fund. The equity would be managed by a seven-member Independent Commission for Democratic AI, with commissioners appointed by the President and confirmed by the Senate, representing labor, fund management, AI expertise, privacy, and national security interests. Annually, the fund would distribute approximately 5 percent of its assets as direct payments to American citizens to support healthcare, education, housing, and environmental needs. Additionally, the bill requires large AI companies to structurally separate their AI operations from other businesses within 90 days and imposes stricter rules preventing AI companies from relocating offshore to avoid the tax. The legislation takes effect 90 days after enactment and establishes significant reporting and penalty provisions for non-compliance.
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