NO GOTION Act
Sponsored By: Senator Scott, Rick [R-FL]
Introduced
Summary
Denies federal green energy tax benefits to companies tied to foreign adversaries. This bill would block major clean-energy tax incentives for firms that are owned, controlled, or materially influenced by governments or entities from listed foreign adversary nations.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Deny green tax credits to adversary-linked firms
If enacted, this bill would deny many clean-energy tax credits and deductions to covered companies. Affected incentives include investment and production credits, carbon-capture credits, and energy-efficiency deductions. An entity would be barred if it is a "disqualified company" under the bill's tests. A company is disqualified if foreign adversaries own at least 10% of its equity any time in the year. Control, material influence, certain contracts, or debt that benefits adversaries also cause disqualification. Buying equipment at arm's length alone would not count as giving a substantial benefit. Treasury could issue rules to apply the 10% test and to prevent evasion. If enacted, the rule would apply to taxable years beginning after the date of enactment.
Sponsors & CoSponsors
Sponsor
Scott, Rick [R-FL]
FL • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov