What does Preamble of NO GOTION Act do?

This bill proposes to amend the Internal Revenue Code of 1986. The proposed amendment aims to deny certain green energy tax benefits. These benefits would be denied to companies linked to countries of concern.

What does SHORT TITLE. of NO GOTION Act do?

This bill is formally titled the No Official Giveaways Of Taxpayers' Income to Oppressive Nations Act

What does DENIAL OF GREEN ENERGY TAX BENEFITS TO COMPANIES CONNECTED TO of NO GOTION Act do?

This section amends the Internal Revenue Code of 1986 by adding Section 7531. Section 7531 denies green energy tax benefits to 'disqualified companies'. A 'disqualified company' is an entity created or organized in, or controlled by, one or more 'countries of concern', or an entity controlled by such companies. The 'countries of concern' are defined as the People's Republic of China, the Russian Federation, the Islamic Republic of Iran, and the Democratic People's Republic of Korea. The term 'control' is defined using the rules of section 954(d)(3) and 958(a)(2). Specific sections of the Internal Revenue Code (30C, 40, 40A, 40B, 45, etc.) are explicitly excluded when applying this denial. The amendments apply to taxable years beginning after the date of enactment of this Act.

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NO GOTION Act

Last updated: 1/16/2025 · Introduced: 1/16/2025

Author: John Moolenaar (R-MI)

TL;DR (AI)

This bill amends the Internal Revenue Code to deny green energy tax benefits to companies linked to designated countries of concern, including China, Russia, Iran, and North Korea.
The bill defines 'disqualified companies' as those created or controlled by entities in or controlled by these countries of concern, using specific control rules.
Certain existing sections of the Internal Revenue Code related to green energy tax benefits are explicitly excluded from this denial.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 1 more.

3 sections

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