NO GOTION Act

[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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