What does Preamble of NO GOTION Act do?

This bill, formally titled 'To amend the Internal Revenue Code of 1986 to deny certain green energy tax benefits to companies associated with foreign adversaries,' proposes changes to the Internal Revenue Code of 1986. The bill aims to deny certain green energy tax benefits.

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'' or the ``NO GOTION Act''.

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

This section amends Chapter 77 of the Internal Revenue Code of 1986 by adding a new section, 7531, concerning the denial of green energy tax benefits. The denial applies to 'disqualified companies,' which are defined based on ownership, control, or influence by foreign adversaries. Foreign adversaries are defined as governments, agencies, instrumentalities, or entities owned or controlled by them, as well as entities organized under the laws of a foreign adversary. The definition of 'disqualified company' also includes entities with significant equity interests held by foreign adversaries or those materially influenced by them. Debt or other arrangements, such as leases, contracts, or financial derivatives, can also classify an entity as disqualified if they provide a substantial benefit to or are subject to the influence of a foreign adversary. Certain transactions, like arm's length purchases of equipment, are explicitly excluded from being considered a 'substantial benefit'. The Secretary of the Treasury is authorized to issue guidance to implement this section and prevent evasion. The amendments apply to taxable years beginning after the date of enactment of this Act.

Back to bills

NO GOTION Act

Last updated: 2/3/2025 · Introduced: 2/3/2025

Author: Rick Scott (R-FL)

TL;DR (AI)

This bill amends the Internal Revenue Code to deny green energy tax benefits to 'disqualified companies' linked to foreign adversaries through ownership, control, or significant financial arrangements.
A 'disqualified company' is defined as an entity owned or controlled by a foreign adversary, or materially influenced by them, including through substantial benefits derived from foreign adversaries.
The bill's provisions apply to taxable years beginning after its enactment, and the Secretary of the Treasury can provide guidance to prevent tax evasion.

119th Congressin committeeOfficial page

Verified Votes

No verified votes yet.

Community Votes

No community votes yet. Be the first!

Voting as guest · Sign in for verified votes

Other Sections

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

3 sections

Click "Show details" to explore individual sections. Use the community vote above or visit All Sections to vote per section.

Read official text

Want the full experience?

Create a free account to cast verified votes on each section, get a personalized summary, and track your voting history.

Create Free Account