legislation: 117-s-5178
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| 117-s-5178 | 117 | s | 5178 | DITCH Act | Taxation | 2022-12-01 | 2022-12-01 | Read twice and referred to the Committee on Finance. | Senate | Sen. Hawley, Josh [R-MO] | MO | R | H001089 | 0 | Dump Investments in Troublesome Communist Holdings Act or the DITCH Act 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. | 2022-12-29T09:03:22Z |