Countering Communist China Act

[AI summary unavailable — showing source text] Countering Communist China Act This bill addresses issues related to China, tax incentives, and other topics. The bill imposes visa- and property-blocking sanctions on certain entities and individuals that (1) are involved in acts of malign disinformation on behalf of a foreign government or political party, or (2) have engaged in a pattern of significant infringement of intellectual property belonging to a U.S. entity or individual. It also authorizes sanctions on developers and owners of software that makes unauthorized transmissions of user data to servers that are located in China and are accessible by China's government. The bill also provides tax incentives for relocating pharmaceutical, medical supply, or medical device manufacturing to the United States, including by allowing accelerated depreciation of nonresidential real property acquired in connection with such relocation; eliminates the five-year amortization requirement for research and experimental expenditures scheduled to begin in 2022, thus allowing continued expensing of such expenditures in the taxable years in which they are incurred; prohibits an institution of higher education from receiving certain federal fu…