Moolenaar: Congress Must Pass NO GOTION Act After Treasury Decision On CCP Companies

Today, Congressman John Moolenaar criticized the Department of Treasury for announcing new proposed rules that allow companies affiliated with the Chinese Communist Party (CCP) to qualify for billions of dollars from American taxpayers under federal tax credits that were created by President Joe Biden in the so-called Inflation Reduction Act (IRA). 

“The United States is in a competition with the CCP and under no circumstance should CCP-affiliated companies receive tax dollars from hard-working Americans. The CCP controls businesses through shell companies and banks, making it hard to tell what it really owns. These companies will take advantage of Treasury’s new rules and potentially reap billions of dollars from the American people. This decision makes it clear that Congress must pass my NO GOTION Act to help ensure CCP-affiliated companies do not qualify for these tax credits,” said Moolenaar. 

Moolenaar, a member of the House Select Committee on the CCP, introduced H.R. 6175, the No Official Giveaways Of Taxpayers’ Income to Oppressive Nations (NO GOTION) Act on November 2. The legislation would disqualify companies based in China, Iran, North Korea, and Russia from receiving 20 green energy production tax credits established in the IRA. The text of the legislation can be found here.