Roskam, Boustany bills would discourage companies from doing business with known sponsors of terrorism

Legislation introduced by U.S. Reps. Peter Roskam (R-IL) and Charles Boustany (R-LA) would enhance negative tax treatment and discourage companies from doing business with nations that sponsor terrorism.

The No Dollars for Ayatollahs Act, H.R. 5550, introduced by Roskam, and the Preventing Investment in Terrorist Regimes Act, H.R. 5545, introduced by Boustany, would take steps to discourage companies from doing business with or financially supporting known sponsors of terror.

In an op-ed that in USA Today, Roskam blasted Boeing Co.’s decision to sell “military fungible products” to Iran.

“It’s tragic to watch such an iconic American company make such a terribly short-sighted decision,” Roskam, the chairman of the House Ways and Means Subcommittee on Oversight, said. “If Boeing goes through with this deal, the company will forever be associated with Iran’s chief export: radical Islamic terrorism. My bill will prevent Iran from accessing U.S. dollars in any manner by imposing a 100 percent excise tax on any transactions which directly or indirectly enable the Islamic Republic to make financial transactions in American currency.”

Boustany, the chairman of the House Ways and Means Subcommittee on Tax Policy, said that bad tax policy gives American companies incentives to conduct business with known enemies.

“The tax code should not allow goods, particularly those with potential military applications like airplanes, to be purchased by the chief agitator and state sponsor of terror in the Middle East,” Boustany said. “This is a common-sense bill that shuts down the pipeline of American-produced goods and technology to Iran, protecting our regional allies like Israel and strengthening our national security.”

Roskam argued in the op-ed that Iran uses commercial airplanes to shuttle troops, weapons, missiles and cash to support Syrian dictator Bashar al-Assad’s regime.

“The Islamic Republic of Iran is the world’s foremost state sponsor of terrorism,” Roskam wrote. “It systematically uses commercial aircraft to sow the seeds of death and destruction around the globe. Iran’s terror proxies have killed and wounded thousands of Americans troops in Iraq and Afghanistan. They’ve murdered civilians from Beirut to Buenos Aires.”

Roskam called Boeing “an iconic American brand,” but said that its decision to sell products to Iran must be stopped.

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