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The Patriotic Investment Act amends the Internal Revenue Code to discourage investment in securities connected to the People's Republic of China by imposing tax penalties on gains from their sale. Gains from disposing of "disqualified PRC securities"—defined broadly to include stocks, bonds, and derivatives of Chinese government entities, the Communist Party, Chinese citizens and companies, and entities with significant Chinese ownership—are taxed as ordinary income at the highest marginal rate rather than at preferential capital gains rates. The bill also denies foreign tax credits for income from such dispositions and allows taxpayers to spread the resulting tax liability over three years.
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