Bill > HR524

This bill, known as the "NO GOTION Act", aims to deny specific green energy tax benefits to companies that have connections to certain countries deemed as countries of concern, which are specifically identified as China, Russia, Iran, and North Korea. Under the proposed legislation, any entity created, organized, or controlled by one or more of these countries would be classified as a "disqualified company" and would be ineligible for tax credits and benefits related to green energy. The bill would specifically block access to numerous tax sections covering various green energy incentives, including credits for electric vehicles, alternative fuels, clean hydrogen production, carbon capture, advanced manufacturing, and energy-efficient commercial buildings. The definition of "control" would be determined using existing tax code rules that consider ownership and control across foreign and domestic corporations, partnerships, trusts, and estates. The provisions would take effect for taxable years beginning after the date of the Act's enactment, effectively immediately preventing companies with significant ties to the specified countries from receiving these tax benefits in an effort to limit economic support to nations considered geopolitical concerns.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/524/all-info