No credit is given to a specified or foreign-influenced entity
What the document says“No credit shall be determined under subsection (a) for any taxable year if the taxpayer is--”
The section adds a new paragraph (13) to section 45Y(g) of the Internal Revenue Code of 1986 barring the credit for a taxable year where the taxpayer is a specified foreign entity as defined in section 7701(a)(51)(B) or a foreign-influenced entity as defined in section 7701(a)(51)(D) read without clause (i)(II). Where the effective control test in that clause applies for a year, no credit is given for that year if the finding relates to a qualified facility.
What the document actually says“No credit shall be determined under subsection (a) for any taxable year if the taxpayer is--”
No credit is given for a tax year. That holds if the taxpayer is one of the two kinds named below.
One is a named foreign body. The other is a body under foreign sway. A third rule covers control of the plant itself.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.