S. 369 — NO GOTION Act

This section establishes an exclusion from specified clean energy tax credits—sections 30C (alternative fuel vehicle refueling property), 40/40A/40B (biofuels), 45/45Q/45U/45V/45W/45X/45Y/45Z (renewable electricity, carbon sequestration, nuclear, hydrogen, clean fuel, and clean electricity production), 48/48C/48E (energy investment, advanced manufacturing, and clean electricity), 179D (energy-efficient buildings), and 6426(c)/(d)/(e) and 6427(e) (fuel credits)—for any disqualified company, effective for taxable years beginning after enactment. A disqualified company includes (1) foreign adversary governments, their entities, or entities owned/controlled by them or organized/headquartered in a foreign adversary (i.e., China, Russia, Iran, North Korea, Cuba, or Venezuela under President Maduro); (2) entities with 10% or more equity interests held by such parties or subject to their control/influence (including via derivatives or joint ventures); or (3) entities whose actions/operations are influenced by or provide substantial benefits to such parties through prohibited debt, leases, management contracts, or similar arrangements (except arm's-length purchases of equipment/inputs). (Thus, U.S. taxpayers cannot claim these credits for projects, facilities, or activities involving such companies.) The Secretary of the Treasury may issue guidance to implement and prevent circumvention of these rules.