DITCH Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Dec 1, 2022)
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.
What just happenedDec 1, 2022
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.
Who’s behind it
- Introduced in HouseDec 1, 2022
- Dec 1, 2022IntroReferralH11100
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.
Foreign Affairs Committee - Dec 1, 2022IntroReferralH11100
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.
Ways and Means Committee - Dec 1, 2022IntroReferralIntro-H
Introduced in House
- Dec 1, 2022IntroReferral1000
Introduced in House