118th Congress Taxation
H.R. 5109: DITCH Act
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill denies an organization a tax exemption if it holds any interest in a disqualified Chinese company or fails to timely transmit required annual reports. A disqualified Chinese company is any corporation incorporated in China, or that invests more than 10% of its stock in certain Chinese entities, including entities controlled by the Chinese Communist Party.
The Department of the Treasury may grant organizations a waiver of the denial of the tax exemption under specified circumstances.
Organizations that hold any interest in a disqualified Chinese company must file annual reports describing each interest held in the company, the period during which such interest was held, and whether the organization has been granted a waiver.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Darin LaHood R-ILOriginal
- John Moolenaar R-MIOriginal
- Robert Wittman R-VAOriginal
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Other bills by Mike Gallagher
History
- Introduced in the House by Mike Gallagher.
Show the full action history (2 actions)
- Introduced in House
- Referred to the Committee on Ways and Means, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.