Named foreign firms are shut out at once and influenced ones in two years
To provide for reconciliation pursuant to title II of H. Con. Res. 14, section 70521, Sec. 70521.
Written by .
Named foreign firms are shut out at once and influenced ones in two years
The document says “shall not”Who acts: Secretary of the TreasuryHow: statuteSec. 70521 in the PDF
What the document says
“No credit shall be determined under subsection (a) for any taxable year beginning after the date of enactment of this paragraph if the taxpayer is a specified foreign entity (as defined in section 7701(a)(51)(B)).”
The section adds a new paragraph (8) to section 45Z(f) of the Internal Revenue Code of 1986 barring the credit for a taxable year beginning after enactment where the taxpayer is a specified foreign entity, and for a taxable year beginning more than two years after enactment where the taxpayer is a foreign-influenced entity as defined in section 7701(a)(51)(D) read without clause (i)(II). The change applies to taxable years beginning after enactment.
What the document actually says
“No credit shall be determined under subsection (a) for any taxable year beginning after the date of enactment of this paragraph if the taxpayer is a specified foreign entity (as defined in section 7701(a)(51)(B)).”
That sentence, in plain words
No credit is given for a tax year that starts after this law. That holds if the taxpayer is a named foreign body.
What this is about
A second bar covers a body under foreign sway. That one starts two years later. Both terms come from the tax code.
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.
Provide for reconciliation pursuant to title II of H. Con. Res. 14, Public Law 119-21, sec. 70521, 139 Stat. 276 (2025). https://www.govinfo.gov/content/pkg/PLAW-119publ21/html/PLAW-119publ21.htm
This page
“Named foreign firms are shut out at once and influenced ones in two years,” Provide for reconciliation pursuant to title II of H. Con. Res. 14, section 70521, Sec. 70521. Read the Mandate, https://readthemandate.org/pl-119-21/proposal/sec70521-foreign/ (retrieved August 26, 2026).
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