New Bill: Representative John R. Moolenaar introduces H.R. 524: No Official Giveaways Of Taxpayers’ Income to Oppressive Nations Act

We have received text from H.R. 524: No Official Giveaways Of Taxpayers’ Income to Oppressive Nations Act. This bill was received on 2025-01-16, and currently has 25 cosponsors.

Here is a short summary of the bill:

This bill, titled the "No Official Giveaways Of Taxpayers’ Income to Oppressive Nations Act" or "NO GOTION Act," seeks to modify the Internal Revenue Code of 1986 by limiting certain tax benefits related to green energy for companies associated with specific countries identified as "countries of concern."

Key Provisions

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  Denial of Tax Benefits:
  
  The bill proposes that companies categorized as "disqualified companies" will not be able to access particular green energy tax benefits. These benefits are outlined under various sections of the Internal Revenue Code, which include incentives for renewable energy production, investment credits, and other forms of financial support aimed at encouraging green energy initiatives.
  


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  Definition of Disqualified Companies:
  
  A "disqualified company" is defined as:
  
  
  
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    Any business created or organized in, or controlled by, one or more "countries of concern," which are specifically identified as the People's Republic of China, the Russian Federation, the Islamic Republic of Iran, or the Democratic People’s Republic of Korea.
    
  
  
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    Any entity that is controlled by one or more disqualified companies.
    
  
  
  
  


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  Control Definition:
  
  The term "control" refers to the ability to govern the policies of a company and is interpreted according to established tax rules, which apply to both domestic and foreign entities.
  


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  Effective Date:
  
  The changes instituted by this bill would take effect for taxable years beginning after the enactment of the Act.
  

Purpose of the Bill

The bill is designed to prevent U.S. taxpayer money from being allocated to or benefiting companies linked to nations that are viewed as oppressive or hostile. The aim is to ensure that financial support intended for the development of green energy does not inadvertently bolster entities associated with countries considered to have problematic human rights records or military aggressions.

Impact on Green Energy Initiatives

By denying tax benefits to companies connected to these countries, the bill seeks to redirect U.S. support towards local companies or those linked to countries that align more closely with U.S. values. This could influence both domestic and international investment strategies in the green energy sector.

Relevant Companies

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  None found
  

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