1. (a) As used in this section, "foreign adversary" means a country described in 15 CFR 791.2 as in effect on July 1, 2026.

2. (b) The corporation may not award an applicable tax credit to a taxpayer if the corporation determines that the taxpayer is:

   1. (1) organized under the laws of a country that is a foreign adversary;
   2. (2) headquartered in a country that is a foreign adversary; or
   3. (3) majority owned by an organization that is an agency or instrumentality of a foreign adversary, or is a business that is an organization that is organized or headquartered under a foreign adversary.
3. (c) The corporation shall require an applicant to, under penalties of perjury, affirm that the applicant is not prohibited from an award under subsection (b).

4. (d) If the corporation determines that an award under this section is materially false, the corporation shall:

   1. (1) revoke the awarding of the applicable tax credit; and
   2. (2) require repayment of any benefit received.

As added by P.L.162-2026, SEC.3.