DITCH Act

Summary

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.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 1 December 2022

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 1 December 2022

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• Introduced in Senate

  summary · EN · 1 December 2022

  Open at official source

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