0
0
0
A bill to amend the Internal Revenue Code of 1986 to incentivize the divestiture of certain securities connected to the People's Republic of China.
9/26/2024, 10:56 AM
Summary of Bill S 5188
Bill 118 s 5188, also known as the "Divest China Act," is a proposed piece of legislation that aims to amend the Internal Revenue Code of 1986 in order to encourage individuals and entities to divest from certain securities that are connected to the People's Republic of China.
The bill seeks to create incentives for divestiture by allowing taxpayers to defer capital gains taxes on the sale of these securities if the proceeds are reinvested in US-based companies or industries. This is intended to reduce financial support for the Chinese government and promote investment in American businesses.
Supporters of the bill argue that divesting from Chinese securities will help protect national security interests and prevent the funding of human rights abuses and other controversial practices by the Chinese government. Critics, however, raise concerns about the potential economic impact on investors and the broader financial market. Overall, Bill 118 s 5188 represents a significant effort to address concerns about US financial ties to China and promote investment in domestic industries. It will be important to closely monitor the progress of this legislation and its potential implications for both the US economy and US-China relations.
The bill seeks to create incentives for divestiture by allowing taxpayers to defer capital gains taxes on the sale of these securities if the proceeds are reinvested in US-based companies or industries. This is intended to reduce financial support for the Chinese government and promote investment in American businesses.
Supporters of the bill argue that divesting from Chinese securities will help protect national security interests and prevent the funding of human rights abuses and other controversial practices by the Chinese government. Critics, however, raise concerns about the potential economic impact on investors and the broader financial market. Overall, Bill 118 s 5188 represents a significant effort to address concerns about US financial ties to China and promote investment in domestic industries. It will be important to closely monitor the progress of this legislation and its potential implications for both the US economy and US-China relations.
Current Status of Bill S 5188
Bill S 5188 is currently in the status of Bill Introduced since September 25, 2024. Bill S 5188 was introduced during Congress 118 and was introduced to the Senate on September 25, 2024. Bill S 5188's most recent activity was Read twice and referred to the Committee on Finance. as of September 25, 2024
Bipartisan Support of Bill S 5188
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 5188
Primary Policy Focus
Alternate Title(s) of Bill S 5188
A bill to amend the Internal Revenue Code of 1986 to incentivize the divestiture of certain securities connected to the People's Republic of China.
A bill to amend the Internal Revenue Code of 1986 to incentivize the divestiture of certain securities connected to the People's Republic of China.
Comments
Sponsors and Cosponsors of S 5188
Latest Bills
Ending Discrimination in Government Contracting Act
Bill HR 8511May 14, 2026
Ending Discrimination in Government Contracting Act
Bill S 4390May 14, 2026
To designate the facility of the United States Postal Service located at 201 East Grant Avenue in Georgetown, Ohio, as the "Ulysses S. Grant Post Office Building".
Bill HR 7809May 14, 2026
To designate the facility of the United States Postal Service located at 111 South Tremont Street in Tremonton, Utah, as the "Sorensen-Estrada Post Office".
Bill HR 8225May 14, 2026
To designate the facility of the United States Postal Service located at 189 East Main Street in Xenia, Ohio, as the "Gilman 'Gil' Whitney Post Office Building".
Bill HR 8193May 14, 2026
To designate the facility of the United States Postal Service located at 2200 South Salina Street in Syracuse, New York, as the "Wallie Howard Jr. Post Office Building".
Bill HR 6099May 14, 2026
To designate the facility of the United States Postal Service located at 3817 Marysville Boulevard in Sacramento, California, as the "Grantland Johnson Post Office".
Bill HR 2488May 14, 2026
Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to "Bulletin 2022-06: Unfair Returned Deposited Item Fee Assessment Practices".
Bill HJRES 171May 14, 2026
Supporting the mission and goals of National Fentanyl Awareness Day in 2026, including increasing individual and public awareness of the impact of fake or counterfeit fentanyl pills on families and young people.
Bill HRES 1234May 14, 2026
A resolution supporting the mission and goals of National Fentanyl Awareness Day in 2026, including increasing individual and public awareness of the impact of fake or counterfeit fentanyl pills on families and young people.
Bill SRES 704May 14, 2026