Section 1. Short title
This Act may be cited as the No Official Giveaways Of Taxpayers’ Income to Oppressive Nations Act or the NO GOTION Act.
(a) In general
Chapter 77 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section:
(a) In general
In the case of any disqualified company, this title shall be applied without regard to sections 30C, 40, 40A, 40B, 45, 45Q, 45U, 45V, 45W, 45X, 45Y, 45Z, 48, 48C, 48E, 179D, 6426(c), 6426(d), 6426(e), and 6427(e).
(b) Disqualified company
For purposes of this section—
(1) In general
The term disqualified company means—
(A) any entity—
(i) controlled by the government of 1 or more countries of concern, or
(ii) organized under the laws of a country of concern,
(B) any entity controlled by an entity described in subparagraph (A), or
(C) any entity owned by an entity described in subparagraph (A), including any entity for which, on any date during the most recent 12-month period, not less than 25 percent of the equity interests in such entity are held directly or indirectly by 1 or more entities described in subparagraph (A), including through—
(i) interests in co-investment vehicles, joint ventures, or similar arrangements, or
(ii) any derivative financial instrument or contractual arrangement between the entity and an entity described in subparagraph (A), including any such instrument or contract that seeks to replicate any financial return with respect to such entity or interest in such entity.
(2) Country of concern
The term country of concern means—
(A) the People’s Republic of China,
(B) the Russia Federation,
(C) the Islamic Republic of Iran,
(D) the Democratic People’s Republic of Korea,
(E) the Republic of Cuba,
(F) the Boliverian Republic of Venezuela during any period of time during which Nicholas Maduro is President of the Republic, or
(G) the Syrian Arab Republic.
(3) Control
The term control has the meaning given such term under section 954(d)(3), determined by treating the rules of section 958(a)(2) as applying to both foreign and domestic corporations, partnerships, trusts, and estates.
(b) Clerical amendment
The table of sections for chapter 77 of such Code is amended by adding at the end the following new item:
(c) Effective date
The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.