Cotton, Scott Introduce Legislation to Block U.S. Tax Breaks for Chinese Communist Party

FOR IMMEDIATE RELEASE
Contact: Caroline Tabler or Patrick McCann (202) 224-2353
December 6, 2024

Cotton, Scott Introduce Legislation to Block U.S. Tax Breaks for Chinese Communist Party

Washington, D.C. — Senator Tom Cotton (R-Arkansas) and Senator Rick Scott (R-Florida) today introduced legislation to rescind the finalized rule under section 45X of the Inflation Reduction Act (IRA) to prevent Chinese companies from accessing billions of dollars in U.S. tax credits. This legislation was introduced in the House by Congressman Moolenaar (R- Michigan) and Congressman Golden (D-Maine). 

“The Chinese Communist Party has used every opportunity to exploit loopholes in our system for their personal gain. Our adversaries should not benefit from U.S. tax credits,” said Senator Cotton.

“The Communist Party of China has made it clear they are an adversary to our nation who will stop at nothing to undermine America's national security, economy and way of life. Our legislation makes clear that the United States will not allow the Communist Chinese Party to benefit off U.S. taxpayer dollars and try to put American companies out of business,” said Senator Scott.

Text of the legislation may be found here.

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