Patriotic Investment Act

[AI summary unavailable — showing source text] [Congressional Bills 118th Congress] [From the U.S. Government Publishing Office] [S. 5188 Introduced in Senate (IS)] <DOC> 118th CONGRESS 2d Session S. 5188 To amend the Internal Revenue Code of 1986 to incentivize the divestiture of certain securities connected to the People's Republic of China. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES September 25, 2024 Mr. Rubio introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ 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. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Patriotic Investment Act''. SEC. 2. INCENTIVES TO DIVEST DISQUALIFIED PRC SECURITIES. (a) Treatment as Ordinary Gain.--Part IV of subchapter P of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: ``SEC. 1261. GAIN FROM DISP…