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 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I119th CONGRESS1st SessionH. R. 524IN THE HOUSE OF REPRESENTATIVESJanuary 16, 2025Mr. 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 MeansA BILLTo 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.