American Innovation Act This bill requires certain adjustments to discretionary spending limits in FY2020-FY2024 to accommodate increases in appropriations for agencies that perform basic science research. Adjustments are required for the National Science Foundation, the Department of Energy Office of Science, Department of Defense science and technology programs, National Institute of Standards and Technology scientific and technical research and services, and the National Aeronautics and Space Administration (NASA) Science Mission Directorate. The bill also requires annual appropriations during FY2020-FY2024 for each of the programs and agencies referenced in this bill to be at least the amount appropriated for FY2019. The bill exempts appropriations provided pursuant to this bill from sequestration. Sequestration is a process of automatic, usually across-the-board spending reductions under which budgetary resources are permanently cancelled to enforce specific budget policy goals.