Protecting Air Ambulance Services for Americans Act of 2025

Senate Bill

S. 2518

119th Congress

Protecting Air Ambulance Services for Americans Act of 2025

In Committee

Introduced:Oct 27, 2025

Primary Sponsor

Ron Wyden

Senator

Democratic

OR

Cosponsors

1

Quick Stats

Policy Area

Taxation

Summary

This bill would deny a tax exemption for income from investments of large foreign governments that do not have a free trade agreement with the United States or are considered adversaries, such as Russia, China, North Korea, or Iran. The goal is to remove tax breaks for these massive government investment funds.

Latest Action

Read twice and referred to the Committee on Finance.

SponsorRon Wyden (D-OR)

Introduced10/27/2025

StatusRead twice and referred to the Committee on Finance.

ChamberSenate

Data from Congress.gov

See this page through your district lens

Enter ZIP to personalize representatives and vote context.

Stay on top of this issue

Subscribe for weekly bill and representative updates.

Vote Prediction

Protecting Air Ambulance Services for Americans Act of 2025

This bill would deny a tax exemption for income from investments of large foreign governments that do not have a free trade agreement with the United States or are considered adversaries, such as Russia, China, North Korea, or Iran. The goal is to remove tax b

Community Breakdown

Pass

0%

Fail

0%

0 predictions

This bill would deny a tax exemption for income from investments of large foreign governments that do not have a free trade agreement with the United States or are considered adversaries, such as Russia, China, North Korea, or Iran. The goal is to remove tax breaks for these massive government investment funds.

Bill Number: 2518
Sponsor: Ron Wyden (D-OR)
Introduced: 10/27/2025
Status: Read twice and referred to the Committee on Finance.
Policy Area: Taxation

Data from Congress.gov

AI-generated summary

Fact Sheet

Title: Protecting Air Ambulance Services for Americans Act of 2025
Bill Number: 2518
Sponsor: Ron Wyden (D-OR)
Status: Read twice and referred to the Committee on Finance.
Introduced: 10/27/2025
Summary: This bill would deny a tax exemption for income from investments of large foreign governments that do not have a free trade agreement with the United States or are considered adversaries, such as Russia, China, North Korea, or Iran. The goal is to remove tax breaks for these massive government inves

Data from Congress.gov

AI Summary

Plain-English explanation of this bill

This bill would deny a tax exemption for income from investments of large foreign governments that do not have a free trade agreement with the United States or are considered adversaries, such as Russia, China, North Korea, or Iran. The goal is to remove tax breaks for these massive government investment funds.

Last updated: 12/29/2025

Official Summary

Congressional Research Service summary

Ending Tax Breaks for Massive Sovereign Wealth Funds Act This bill denies a tax exemption for income from investments of a non-exempt foreign government. The bill defines non-exempt foreign government as any foreign government that holds, directly or indirectly, more than $100 billion in assets for investment or for the production of income, and either does not have a free trade agreement or treaty in effect with the United States, or is a foreign government of a covered nation (i.e., Russia, China, North Korea, or Iran). The Department of the Treasury must publish a list of non-exempt foreign government for purposes of this bill.

Key Points

Main provisions of the bill

Denies tax exemption for income from investments of non-exempt foreign governments with over $100 billion in assets
Defines non-exempt foreign governments as those without a free trade agreement with the US or from adversarial countries like Russia, China, North Korea, and Iran
Requires the Treasury Department to publish a list of non-exempt foreign governments

How This Impacts Americans

Potential effects on citizens and communities

This bill would impact large sovereign wealth funds owned by foreign governments, particularly those from adversarial nations. It could reduce investment income for these funds and potentially lead to changes in their investment strategies. American taxpayers could also be affected if these foreign investments become less profitable.

Policy Areas

Primary Policy Area

Taxation

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

2518, 119th Congress (2025). "Protecting Air Ambulance Services for Americans Act of 2025". Source: Voter's Right Platform. https://votersright.org/bills/118-s-2518