Restoring Critical Supply Chains and Intellectual Property Act

[AI summary unavailable — showing source text] Restoring Critical Supply Chains and Intellectual Property Act This bill establishes tax credits, incentives, and other measures to support U.S. production of personal protective equipment (PPE), semiconductors, and critical minerals. Among other things, the bill (1) prohibits the use of federal funds for procurement of PPE items not produced in the United States, and (2) establishes a $7.5 billion tax credit for investment in certain medical PPE manufacturing projects. The bill also addresses the security of federally funded research and development grants and export-controlled goods, technologies, or sensitive information, including by establishing a Federal Research Security Council to develop research and development grant making policy and management guidance to protect the national and economic security interests of the United States. Further, it prohibits any federal grant application that fails to disclose the receipt of any outside compensation, including foreign compensation. The bill establishes investments and incentives to support U.S. semiconductor manufacturing, research and development, and supply chain security, such as requiring the National Institute of Standards…