,,ii  #aah? ,,congress  #a/ ,session    
,s4 #cdhf  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,decemb] #ac1 #bjbc,mr4
 ,rubio introduc$ ! foll[+ bill2 :i* 0  
read twice & ref]r$ to ! ,committee on  
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to disall[        
companies associat$ ) =eign adv]s>ies f 
receiv+ ! advanc$ manufactur+ production
 cr$it4  #a4 ,%ort title ,?is ,act may  
be cit$ z ! ,protect+ ,am]ican ,advanc$ 
,manufactur+ ,act4  #b4 ,prohibition on 
all[ance ( advanc$ manufactur+          
production cr$it = eligible compon5ts   
produc$ by companies associat$ ) =eign  
adv]s>ies  7a7 ,9 g5]al ,section #de,x (
 ! ,int]nal ,rev5ue ,code ( #aihf is    
am5d$ by add+ at ! end ! foll[+ new     
subsection3  7e7 ,prohibition on        
all[ance ( cr$it = eligible compon5ts   
produc$ by companies associat$ ) =eign  
adv]s>ies  7#a7 ,9 g5]al ,no cr$it %all 
be all[$ "u subsection 7a7 ) respect to 
any eligible compon5t :i* is produc$ by 
a disqualifi$ entity4  7#b7 ,disqualifi$

 entity  7,a7 ,9 g5]al ,= purposes ( ?is
 subsection1 ! t]m disqualifi$ entity   
means any entity describ$ 9 subp>agraphs
 7,b7 ?r\gh 7,d74  7,b7 ,=eign adv]s>y  
p>ties ,! entities describ$ 9 ?is       
subp>agraph consi/ ( ! foll[+3 7i7 ,!   
gov]nm5t ( a =eign adv]s>y1 any ag5cy or
 gov]nm5t in/rum5tality ( a =eign       
adv]s>y1 or any entity :i* is directly  
or indirectly own$1 controll$1 or       
direct$ by any su* gov]nm5t1 ag5cy1 or  
gov]nm5t in/rum5tality4  7ii7 ,any      
entity organiz$ "u ! laws ( a =eign     
adv]s>y 7or any political subdivision   
!re(7 or ^: headqu>t]s is locat$ )9 a   
=eign adv]s>y4  7,c7 ,own$1 controll$1  
direct$1 or influ5c$ by =eign adv]s>y   
p>ties ,! entities describ$ 9 ?is       
subp>agraph consi/ ( ! foll[+3 7i7 ,any 
entity = :i*1 on any date dur+ ! taxable
 ye>1 n less ?an #aj p]c5t ( ! out/&+   
equity int]e/s 7by value1 vot+1         
gov]nance1 bo>d appo9tm5t1 or simil>    
rights or influ5ce7 are held directly or
 indirectly by1 or on behalf (1 #a or m 

( ! entities describ$ 9 subp>agraph     
7,b71 includ+ ?r\gh int]e/s 9           
co-inve/m5t vehicles1 jo9t v5tures1 or  
simil> arrangem5ts4  7ii7 ,any entity   
:i* is directly or indirectly controll$1
 direct$1 or mat]ially influ5c$ by any  
entity describ$ 9 subp>agraph 7,b74     
7iii7 ,any entity = :i* ! actions1      
managem5t1 own]%ip1 or op]ations ( su*  
entity are subject to ! direct influ5ce 
( an entity describ$ 9 subp>agraph 7,b74
  7iv7 ,any entity = :i* an int]e/ 9 su*
 entity is held by an entity describ$ 9 
subp>agraph 7,b7 7ref]r$ to 9 ?is clause
 z ! b5efici>y firm7 z a d]ivative      
f9ancial in/rum5t or ?r\gh a contractual
 arrangem5t betwe5 ! b5efici>y firm &   
su* entity1 includ+ any f9ancial        
in/rum5t or o!r contract betwe5 !       
b5efici>y firm & ! entity :i* seeks to  
replicate any f9ancial return ) respect 
to su* entity or int]e/ 9 su* entity4   
7,d7 ,debt or o!r arrangem5ts ) =eign   
adv]s>y p>ties  7i7 ,9 g5]al ,an entity 
is describ$ 9 ?is subp>agraph if1 z a   

result ( any prohibit$ obligation or    
arrangem5t-- 7,i7 ! actions1 managem5t1 
or op]ations ( su* entity are subject to
 ! direct or indirect influ5ce ( #a or m
 entities describ$ 9 subp>agraph 7,b7 or
 7,c71 or  7,,ii7 su* entity provides a 
sub/antial b5efit to #a or m entities   
describ$ 9 subp>agraph 7,b7 or 7,c74    
7ii7 ,prohibit$ obligation or arrangem5t
 ,= purposes ( ?is subp>agraph1 ! t]m   
prohibit$ obligation or arrangem5t means
 any-- 7,i7 debt1  7,,ii7 lease or      
sublease arrangem5t1  7,,iii7 managem5t 
or op]at+ arrangem5t1  7,,iv7 contract  
manufactur+ arrangem5t1  7,v7 lic5se or 
sublic5se agreem5t1 or  7,,vi7 f9ancial 
d]ivative4  7iii7 ,exception ,= purposes
 ( clause 7i77,,ii71 ! pur*ase (        
equipm5t or manufactur+ inputs 9 an     
arm's-l5g? transaction %all n1 9 & (    
itself1 be deem$ to provide a sub/antial
 b5efit4  7,e7 ,o!r def9itions ,=       
purposes ( ?is p>agraph-- 7i7 ,control  
,! t]m control has ! mean+ giv5 9       
section #hjj4bjh ( title #ca1 ,code (   

,f$]al ,regulations 7z 9 effect on !    
date ( enactm5t ( ! ,protect+ ,am]ican  
,advanc$ ,manufactur+ ,act74  7ii7      
,=eign adv]s>y ,! t]m =eign adv]s>y has 
! mean+ giv5 ! t]m cov]$ nation 9       
section #dhgb7;d77#b7 ( title #aj1      
,unit$ ,/ates ,code4  7#c7 ,adm9i/ration
 ,! ,secret>y may issue su* guidance z  
is necess>y to c>ry out ! purposes ( ?is
 subsection1 includ+ e/abli%m5t ( rules 
=-- 7,a7 implem5tation ( p>agraph       
7#b77;,c77i7 = det]m9ation ( :e!r !     
p]c5tage requirem5ts ) respect to out/&+
 equity int]e/s h be5 satisfi$ 9 ! case 
( an entity = :i* ! /ock ( su* entity is
 trad$ on an e/abli%$ securities m>ket 9
 ! ,unit$ ,/ates or any =eign c\ntry1 & 
7,b7 prev5t+ entities f evad+1          
circumv5t+1 or abus+ ! application ( !  
requirem5ts "u ?is subsection4  4  7b7  
,effective date ,! am5dm5t made by ?is  
section %all apply to taxable ye>s      
beg9n+ aft] ! date ( enactm5t ( ?is     
,act4