American Business for American Companies Act of 2024

This bill prohibits federal agencies from awarding contracts to "inverted domestic corporations" - foreign companies that acquired U.S. businesses but are structured as foreign entities. It blocks contracts where more than 10% of the work would be performed by these entities, either directly or through subcontractors. The bill defines "inverted domestic corporations" as foreign entities that acquired U.S. businesses after 2014 and are majority-owned by former U.S. shareholders, unless they have significant U.S. business operations (at least 25% of employees, compensation, assets, or income in the U.S.). Exceptions apply for national security or health programs, and agencies must report waivers to Congress. The bill applies to civilian and defense contracts over $10 million.