HR 9843
Patriotic Investment Act
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- Passed House
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- Became Law
Bill overview
The Patriotic Investment Act aims to incentivize the divestment of investments tied to the People’s Republic of China by amending the Internal Revenue Code. Specifically, it treats gains from the sale of ‘disqualified PRC securities’ – including stocks, debt, and derivatives linked to the Chinese government, Communist Party, or Chinese-headquartered entities – as ordinary income, subject to higher tax rates. The bill also increases the tax on net PRC securities gains for individuals and corporations, and prevents foreign tax credits from being applied to income derived from these investments. Finally, it allows taxpayers with net PRC securities liabilities to pay their tax liability in installments.
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