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.
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
<p> <strong>Ending Tax Breaks for Massive Sovereign Wealth Funds Act </strong></p> <p>This bill denies a tax exemption for income from investments of a non-exempt foreign government. The bill defines <em>non-exempt foreign government</em> 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). </p> <p>The Department of the Treasury must publish a list of non-exempt foreign government for purposes of this bill.</p>
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
