Bill · S. 369· Senate(119-S-369)
NO GOTION Act
- Introduced
- 2/3/2025
- Last activity
- 2/3/2025 — Read twice and referred to the Committee on Finance.
- Sponsored by
- Rick Scott
- Cosponsors
- None
- Introduced
- In Committee
What this bill would do
This bill, titled the "No Official Giveaways Of Taxpayers' Income to Oppressive Nations Act," seeks to amend the Internal Revenue Code of 1986. It aims to deny specific green energy tax benefits to companies deemed "disqualified companies." A disqualified company includes entities owned, controlled, or directed by foreign adversary parties or those subject to their influence. Foreign adversaries include covered nations as defined in title 10 of the U.S. Code, plus Cuba and Venezuela during the presidency of Nicholas Maduro. The law would prevent these entities from accessing various tax credits and incentives.
Yes
Does this raise the taxes companies pay?+5
The bill denies specific green energy tax credits to companies associated with foreign adversaries, which functions as an effective tax increase on those entities.
Does this reduce what the federal government spends?+3
By preventing certain companies from claiming green energy tax credits, the bill reduces the amount of tax revenue foregone by the government.
The opposite
Does this put more money into wind, solar and other renewable power?-4
The bill removes incentives that would otherwise encourage renewable energy investment from companies linked to foreign adversaries.
Would business owners be better off under this?-3
Business owners of disqualified companies will lose access to valuable green energy tax incentives.
Would high-income households be better off under this?-2
The denial of tax credits may reduce the potential investment returns for high-income individuals holding interests in these disqualified companies.
Who it would affect, and how
Potential Positive Impacts for People
-
Protection of Taxpayer Income: The bill's short title suggests it aims to prevent the giving away of taxpayer income to oppressive nations (Section 1).
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Limiting Influence of Foreign Adversaries: By denying tax benefits to entities that are owned, controlled, or influenced by foreign adversary parties, the bill addresses entities that may provide a substantial benefit to those parties through various financial or operational arrangements (Section 2(b)(1)(C) and (D)).
Potential Negative Impacts for People
-
Loss of Tax Benefits for Certain Entities: Companies that are considered "disqualified" will be denied access to a wide range of green energy tax sections, including sections 30C, 45, 48, and others listed in the bill (Section 2(a)).
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Broad Definitions of Disqualification: Entities can be disqualified if they are subject to the direct influence of a foreign adversary party or if they provide a substantial benefit to such an entity through arrangements like debt, leases, or manufacturing contracts (Section 2(b)(1)(C) and (D)).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Economy And Finance
- Increases Corporate Taxes+5Reduces Government Spending+3
- Demographic And Interest Groups
- Good For Business Owners-3Good For High Income Households-2
- Environment Energy And Infrastructure
- Increases Renewable Energy Investment-4
- 2/3/2025
- Read twice and referred to the Committee on Finance.
- Introduced in Senate