H.R. 524

119 HR 524 IH: No Official Giveaways Of Taxpayers’ Income to Oppressive Nations Act
 U.S. House of Representatives
 2025-01-16
 text/xml
 EN
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 I  119th CONGRESS  1st Session  H. R. 524  IN THE HOUSE OF REPRESENTATIVES   January 16, 2025   Mr. Moolenaar  (for himself,  Mr. LaHood ,  Mr. Golden of Maine ,  Mr. Bergman ,  Mr. Huizenga ,  Mr. Walberg ,  Mr. Barrett ,  Mr. James ,  Mr. Bost ,  Ms. Malliotakis ,  Ms. Tenney ,  Mr. Cline ,  Mr. Kelly of Pennsylvania ,  Mr. Rouzer ,  Mr. Schweikert ,  Mr. Allen ,  Mr. Newhouse ,  Mr. Finstad ,  Mr. Murphy ,  Mr. Dunn of Florida ,  Mr. Gimenez ,  Mr. Ellzey , and  Mr. Palmer ) introduced the following bill; which was referred to the  Committee on Ways and Means    A BILL
To amend the Internal Revenue Code of 1986 to deny certain green energy tax benefits to companies connected to certain countries of concern.
1.
Short title
This Act may be cited as the   No Official Giveaways Of Taxpayers’ Income to Oppressive Nations Act   or the   NO GOTION Act  .
2.
Denial of green energy tax benefits to companies connected to countries of concern
(a)
In general
 Chapter 77  of the Internal Revenue Code of 1986 is amended by adding at the end the following new section:
7531.
Denial of green energy tax benefits to companies connected to countries of concern
(a)
In general
In the case of any disqualified company, this title shall be applied without regard to sections 30C, 40, 40A, 40B, 45, 45Q, 45U, 45V, 45W, 45X, 45Y, 45Z, 48, 48C, 48E, 179D, 6426(c), 6426(d), 6426(e), and 6427(e).
(b)
Disqualified company
For purposes of this section—
(1)
In general
The term  disqualified company  means—
(A)
any entity created or organized in, or controlled (in the aggregate) by, one or more countries of concern, and
(B)
any entity controlled (in the aggregate) by one or more entities described in paragraph (1).
(2)
Countries of concern
The term  countries of concern  means the People’s Republic of China, the Russian Federation, the Islamic Republic of Iran, or the Democratic People’s Republic of Korea.
(3)
Control
The term  control  has the meaning given such term under section 954(d)(3), determined by treating the rules of section 958(a)(2) as applying to both foreign and domestic corporations, partnerships, trusts, and estates.
 .
(b)
Clerical amendment
The table of sections for chapter 77 of such Code is amended by adding at the end the following new item:
Sec. 7531. Denial of green energy tax benefits to companies connected to countries of concern.
  .
(c)
Effective date
The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.