Amends the Internal Revenue Code of 1986 to deny green energy tax benefits.
Targets companies connected to specific countries deemed as “countries of concern.”
Defines “disqualified company” as entities controlled or organized under the laws of these countries, or entities owned by such companies.
Specifies that a company is disqualified if at least 25% of its equity interests are held by entities from the listed countries.
Lists the countries of concern: People’s Republic of China, Russia Federation, Islamic Republic of Iran, Democratic People’s Republic of Korea, Republic of Cuba, Bolivarian Republic of Venezuela (under Nicolás Maduro), and Syrian Arab Republic.
The legislation applies to various sections of the tax code related to green energy benefits.
The amendments take effect for taxable years beginning after the enactment of the legislation.