Spectrum Innovation Act - Amends the Communications Act of 1934 to provide that, if the Federal Communications Commission (FCC) determines that it is consistent with the public interest in spectrum utilization for a licensee to voluntarily relinquish licensed spectrum usage rights to permit the assignment of new initial licenses subject to new service rules, the proceeds from granting such rights to another licensee under an appropriate competitive bidding system must be shared (subject to the FCC retaining certain offsets and deposits for specified program qualification and implementation costs), in an amount or percentage that the FCC considers appropriate, with the licensee who voluntarily relinquished such rights.
Directs the FCC to establish rules for such voluntary incentive auction revenue sharing.
Prohibits the FCC from reclaiming frequencies of broadcast television licensees directly or indirectly on an involuntary basis for certain licensing purposes.