119-hr524

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 524 Introduced in House

    (IH) ]

<DOC>

119th CONGRESS
 1st Session
 H. R. 524

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 HOUSE OF REPRESENTATIVES

 January 16, 2025

 Mr. Moolenaar (for himself, Mr. LaHood, Mr. Golden of Maine, Mr. 
 Bergman, Mr. Huizenga, Mr. Walberg, Mr. Barrett, Mr. James, Mr. Bost, 
Ms. Malliotakis, Ms. Tenney, Mr. Cline, Mr. Kelly of Pennsylvania, Mr. 
 Rouzer, Mr. Schweikert, Mr. Allen, Mr. Newhouse, Mr. Finstad, Mr. 
 Murphy, Mr. Dunn of Florida, Mr. Gimenez, Mr. Ellzey, and Mr. Palmer) 
 introduced the following bill; which was referred to the Committee on 
 Ways and Means

_______________________________________________________________________

 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 created or organized in, or 
 controlled (in the aggregate) by, one or more countries 
 of concern, and
 ``
        (B) any entity controlled (in the aggregate) by 
 one or more entities described in paragraph

    (1) .
 ``

    (2) Countries of concern.--The term `countries of 
 concern' means the People's Republic of China, the Russian 
 Federation, the Islamic Republic of Iran, or the Democratic 
 People's Republic of Korea.
 ``

    (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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