John Moolenaar

H.R.9843 Patriotic Investment Act

Jack Clawson

27 Sep 2024 — 1 min read

Representative John Moolenaar (R-MI-2) introduced and sponsored the Patriotic Investment Act (H.R.9843) on September 25, 2024. The legislation intends to discourage investments tied to the People's Republic of China.

The Patriotic Investment Act targets U.S. investments in Chinese entities connected to the Chinese Communist Party (CCP), with an emphasis on those involved in military activities, human rights abuses, and practices that undermine American economic interests.

To achieve this goal, the legislation would remove the favorable capital gains tax rates currently applied to investments in Chinese securities. These investments would instead be taxed at the highest income tax rate.

Additionally, companies and individuals would be given six months after the law's enactment to divest from entities connected to the CCP. The tax burden would be spread over three years to ease the harsh transition.

Despite not being guaranteed, the hope of this legislation is to redirect investment into US businesses.

Shortly after being introduced, the bill was referred to the House Committee on Ways and Means.

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