[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 5249 Introduced in Senate (IS)]
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118th CONGRESS
2d Session
S. 5249
To amend the Internal Revenue Code of 1986 to deny certain green energy
tax benefits to companies connected to certain countries of concern.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
September 25, 2024
Mr. Rubio (for himself, Mrs. Capito, Mr. Braun, and Mr. Scott of
Florida) introduced the following bill; which was read twice and
referred to the Committee on Finance
_______________________________________________________________________
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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 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''.
SEC. 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:
``SEC. 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--
``(i) controlled by the government of 1 or
more countries of concern, or
``(ii) organized under the laws of a
country of concern,
``(B) any entity controlled by an entity described
in subparagraph (A), or
``(C) any entity owned by an entity described in
subparagraph (A), including any entity for which, on
any date during the most recent 12-month period, not
less than 25 percent of the equity interests in such
entity are held directly or indirectly by 1 or more
entities described in subparagraph (A), including
through--
``(i) interests in co-investment vehicles,
joint ventures, or similar arrangements, or
``(ii) any derivative financial instrument
or contractual arrangement between the entity
and an entity described in subparagraph (A),
including any such instrument or contract that
seeks to replicate any financial return with
respect to such entity or interest in such
entity.
``(2) Country of concern.--The term `country of concern'
means--
``(A) the People's Republic of China,
``(B) the Russia Federation,
``(C) the Islamic Republic of Iran,
``(D) the Democratic People's Republic of Korea,
``(E) the Republic of Cuba,
``(F) the Boliverian Republic of Venezuela during
any period of time during which Nicholas Maduro is
President of the Republic, or
``(G) the Syrian Arab Republic.
``(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.
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