Playing Fair on Trade and Innovation Act - Amends the Trade Act of 1974 to revise Generalized System of Preferences Program eligibility requirements.

Prohibits the President from designating a country a beneficiary developing country in order for its products to receive duty-free treatment if that country: (1) fails to provide adequate protection for intellectual property rights; and (2) maintains local content requirements, other than requirements applicable only to the procurement of products by governmental agencies and not with a view to commercial resale or to use in the production of goods for commercial sale.