Bill > S369

This bill aims to deny certain green energy tax benefits to companies with connections to foreign adversaries by amending the Internal Revenue Code. Specifically, the bill defines a "disqualified company" as any entity that is owned, controlled, or significantly influenced by the government of a foreign adversary, or has substantial financial or operational ties to such entities. The bill broadly defines "foreign adversaries" to include specific countries like Cuba and Venezuela (during Maduro's presidency), as well as other nations designated as "covered nations" under existing law. Companies meeting these criteria would be ineligible for numerous tax credits and benefits related to green energy, including credits for electric vehicles, renewable energy production, clean fuel production, and energy-efficient improvements. The bill provides detailed criteria for determining a company's disqualifying status, such as having 10% or more of its equity owned by a foreign adversary, being under the direct control or influence of such an entity, or having significant debt or contractual arrangements that provide substantial benefits to foreign adversary entities. The bill grants the Secretary of the Treasury authority to issue guidance for implementing these restrictions and preventing attempts to circumvent the law. The provisions would take effect for taxable years beginning after the date of the Act's enactment.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/369/all-info