S.369 - No Official Giveaways Of Taxpayers’ Income to Oppressive Nations Act; NO GOTION Act (119th Congress)
Summary
S.369, the "No Official Giveaways Of Taxpayers' Income to Oppressive Nations Act" or "NO GOTION Act," aims to amend the Internal Revenue Code of 1986. The bill seeks to deny certain green energy tax benefits to companies associated with foreign adversaries. It defines 'disqualified companies' as those connected to foreign adversary governments or influenced by them.
Expected Effects
The bill's enactment would prevent companies with ties to foreign adversaries from accessing specific green energy tax credits and benefits. This could impact investment flows in the renewable energy sector. It may also incentivize companies to reduce or eliminate ties to adversarial nations.
Potential Benefits
- Reduces financial benefits to foreign adversaries.
- Incentivizes domestic green energy production.
- Potentially strengthens national security by limiting foreign influence.
- Ensures taxpayer money isn't used to support oppressive regimes.
- Promotes ethical investment in renewable energy.
Potential Disadvantages
- May increase the cost of green energy projects.
- Could slow down the transition to renewable energy if foreign investment decreases.
- Potential for retaliatory measures from foreign adversaries.
- Compliance and enforcement could be complex and costly.
- May negatively impact companies that have legitimate business dealings with foreign entities.
Constitutional Alignment
The bill aligns with the Constitution's broad goals of providing for the common defense and promoting the general welfare. Congress has the power to regulate commerce and levy taxes, as outlined in Article I, Section 8. The bill does not appear to infringe on any specific constitutional rights or freedoms.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).