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The Patriotic Investment Act amends the Internal Revenue Code to create tax disincentives for holding securities connected to the People's Republic of China. Gains from selling such "disqualified PRC securities" would be taxed as ordinary income at the highest marginal rate, rather than potentially lower capital gains rates. The bill also denies foreign tax credits for income from these dispositions and allows taxpayers to spread the resulting tax liability over three years. The provisions take effect six months after enactment.
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