REVOKE Act of 2023

Subjects: Taxation

Summary:  <p> <strong>Restricting Electric Vehicle Outlays from Kleptomaniac Enemies Act of 2023 or the REVOKE Act of 2023 </strong></p> <p>This bill expands prohibitions under the clean vehicle tax credit on battery components manufactured or assembled by a foreign entity of concern to</p> <ul> <li>a domestic corporation that is controlled by, operated by, or under the substantial influence of a foreign entity of concern (e.g., a state-backed Chinese company); </li> <li>a domestic corporation that relies on technology provided through a licensing agreement with a foreign entity of concern; </li> <li>a foreign corporation organized outside of China, Russia, North Korea, and Iran but that is owned more than 20% by 1 or more foreign entities of concern; or</li> <li>any member or partner of a joint venture or partnership in which at least one other partner or member is a foreign entity of concern.</li> </ul> <p>The bill also renders ineligible for the qualifying advanced energy project tax credit any project that incorporates or utilizes technology provided through a licensing agreement with the foreign entities of concern described by this bill.</p>

<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 756 Introduced in Senate (IS)]

&lt;DOC&gt;






118th CONGRESS
  1st Session
                                 S. 756

To amend the Internal Revenue Code of 1986 to expand prohibitions under 
    the clean vehicle credit on battery components manufactured or 
assembled by corporations associated with foreign entities of concern, 
                        and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 9, 2023

   Mr. Rubio introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to expand prohibitions under 
    the clean vehicle credit on battery components manufactured or 
assembled by corporations associated with foreign entities of concern, 
                        and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Restricting Electric Vehicle Outlays 
from Kleptomaniac Enemies Act of 2023'' or the ``REVOKE Act of 2023''.

SEC. 2. PROHIBITION ON BATTERY COMPONENTS MANUFACTURED OR ASSEMBLED BY 
              CORPORATIONS ASSOCIATED WITH FOREIGN ENTITIES OF CONCERN.

    (a) In General.--Subparagraph (B) of section 30D(d)(7) of the 
Internal Revenue Code of 1986 is amended by striking ``manufactured or 
assembled by a foreign entity of concern (as so defined).'' and 
inserting the following: ``manufactured or assembled by--
                            ``(i) a foreign entity of concern (as so 
                        defined),
                            ``(ii) a domestic corporation which--
                                    ``(I) is controlled by, operated 
                                by, or under the substantial influence 
                                of a foreign entity of concern, or
                                    ``(II) relies on technology 
                                provided through a licensing agreement 
                                with a foreign entity of concern,
                            ``(iii) a foreign corporation--
                                    ``(I) which is created or organized 
                                in a country which is not described in 
                                section 40207(a)(5)(C) of the 
                                Infrastructure Investment and Jobs Act 
                                (42 U.S.C. 18741(a)(5)(C)), and
                                    ``(II) which--
                                            ``(aa) is controlled by, 
                                        operated by, or under the 
                                        substantial influence of a 
                                        foreign entity of concern,
                                            ``(bb) relies on technology 
                                        provided through a licensing 
                                        agreement with a foreign entity 
                                        of concern, or
                                            ``(cc) is owned more than 
                                        20 percent by 1 or more foreign 
                                        entities of concern, or
                            ``(iv) any member or partner of a joint 
                        venture or partnership in which at least 1 
                        other member or partner is a foreign entity of 
                        concern.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to vehicles sold after the date of enactment of this Act.

SEC. 3. PROHIBITION ON TECHNOLOGY LICENSED FROM CORPORATIONS ASSOCIATED 
              WITH FOREIGN ENTITIES OF CONCERN.

    (a) In General.--Subparagraph (B) of section 48C(c)(1) of the 
Internal Revenue Code of 1986 is amended to read as follows:
                    ``(B) Exception.--Such term shall not include--
                            ``(i) any portion of a project for the 
                        production of any property which is used in the 
                        refining or blending of any transportation fuel 
                        (other than renewable fuels), or
                            ``(ii) any project which incorporates or 
                        utilizes technology provided through a 
                        licensing agreement with an entity described in 
                        clauses (i) through (iv) of section 
                        30D(d)(7)(B).''.
    (b) Effective Date.--The amendment made by this section shall apply 
to certifications awarded under section 48C of the Internal Revenue 
Code of 1986 after the date of enactment of this Act.
                                 &lt;all&gt;
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