The credit is barred for named and foreign influenced firms
To provide for reconciliation pursuant to title II of H. Con. Res. 14, section 70522, Sec. 70522.
Written by .
The credit is barred for named and foreign influenced firms
The document says “shall not”Who acts: Secretary of the TreasuryHow: statuteSec. 70522 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--”
The section adds a new paragraph (10) to section 45Q(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 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).
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--”
That sentence, in plain words
No credit is given for a tax year that starts after this law. That holds if the taxpayer is one of the two kinds named below.
What this is about
One is a named foreign body. The other is a body under foreign sway. 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. 70522, 139 Stat. 279 (2025). https://www.govinfo.gov/content/pkg/PLAW-119publ21/html/PLAW-119publ21.htm
This page
“The credit is barred for named and foreign influenced firms,” Provide for reconciliation pursuant to title II of H. Con. Res. 14, section 70522, Sec. 70522. Read the Mandate, https://readthemandate.org/pl-119-21/proposal/sec70522-foreign/ (retrieved August 26, 2026).
Cite the document when the claim is about what the document says. Cite this page when the indexing, the wording or the record of what has happened is what is being relied on.
How to Read This Page
The quotation is the document's own words, exactly as printed, and we check the page
number against the Act itself before publishing. The paragraph underneath is our summary,
not the document's words. So is the plain English version, which is why it sits beside the
quotation rather than replacing it.
