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No Tax Breaks for Radical Corporate Activism Act
12/15/2023, 3:53 PM
Summary of Bill HR 429
Bill 118 hr 429, also known as the No Tax Breaks for Radical Corporate Activism Act, is a piece of legislation currently being considered in the US Congress. The purpose of this bill is to prevent corporations from receiving tax breaks or incentives if they engage in activities that can be considered radical or extreme.
The bill specifically targets corporations that participate in activism that goes against the values or interests of the United States. This includes activities such as funding or supporting violent protests, promoting extremist ideologies, or engaging in activities that undermine national security.
If passed, the No Tax Breaks for Radical Corporate Activism Act would require corporations to disclose any political or activist activities they are involved in, and would prohibit them from receiving any tax breaks or incentives if they are found to be engaging in radical behavior. Supporters of the bill argue that it is necessary to hold corporations accountable for their actions and prevent them from using taxpayer money to fund activities that are harmful to society. Critics, however, argue that the bill could infringe on corporations' freedom of speech and could be used to target companies that engage in legitimate activism. Overall, the No Tax Breaks for Radical Corporate Activism Act is a controversial piece of legislation that aims to address the issue of corporations engaging in radical activities. It remains to be seen whether or not it will be passed into law.
The bill specifically targets corporations that participate in activism that goes against the values or interests of the United States. This includes activities such as funding or supporting violent protests, promoting extremist ideologies, or engaging in activities that undermine national security.
If passed, the No Tax Breaks for Radical Corporate Activism Act would require corporations to disclose any political or activist activities they are involved in, and would prohibit them from receiving any tax breaks or incentives if they are found to be engaging in radical behavior. Supporters of the bill argue that it is necessary to hold corporations accountable for their actions and prevent them from using taxpayer money to fund activities that are harmful to society. Critics, however, argue that the bill could infringe on corporations' freedom of speech and could be used to target companies that engage in legitimate activism. Overall, the No Tax Breaks for Radical Corporate Activism Act is a controversial piece of legislation that aims to address the issue of corporations engaging in radical activities. It remains to be seen whether or not it will be passed into law.
Congressional Summary of HR 429
No Tax Breaks for Radical Corporate Activism Act
This bill disallows a business expense tax deduction for any reimbursement paid by an employer to an employee for travel expenses to obtain an abortion, or for the costs of any gender transition procedure for the employee's minor child.
Read the Full Bill
Current Status of Bill HR 429
Bill HR 429 is currently in the status of Bill Introduced since January 20, 2023. Bill HR 429 was introduced during Congress 118 and was introduced to the House on January 20, 2023. Bill HR 429's most recent activity was Referred to the House Committee on Ways and Means. as of January 20, 2023
Bipartisan Support of Bill HR 429
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
14Democrat Cosponsors
0Republican Cosponsors
14Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 429
Primary Policy Focus
TaxationAlternate Title(s) of Bill HR 429
No Tax Breaks for Radical Corporate Activism Act
No Tax Breaks for Radical Corporate Activism Act
To amend the Internal Revenue Code of 1986 to deny the trade or business expense deduction for the reimbursement of employee costs of child gender transition procedure or travel to obtain an abortion.
Comments
Sponsors and Cosponsors of HR 429
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