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 (6) to section 48E(d) 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), and barring it where the effective control test applies and relates to a qualified facility or energy storage technology.
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 or storage gear.
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