The Literacy in Future Technologies Artificial Intelligence Act, or LIFT AI Act, seeks to significantly improve artificial intelligence (AI) literacy among K-12 students and educators. Congress recognizes AI's transformative impact and the necessity for the United States to cultivate an AI-ready workforce and innovators to maintain global leadership in this technological revolution. To achieve this, the bill authorizes the Director of the National Science Foundation to issue competitive, merit-reviewed awards to institutions of higher education or nonprofit organizations. These awards will fund research and development of comprehensive educational resources, including K-12 AI curricula, instructional materials, and effective evaluation methods. Funds will also support professional development for teachers and school leaders, focusing on enhancing their AI literacy, promoting responsible AI use, and integrating AI concepts into existing subjects. The ultimate goal is to equip students with the age-appropriate knowledge and skills to effectively use AI, critically interpret its outputs, and understand its potential risks, thereby preparing them for an AI-enabled world.