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S. 327119th Congress
The plain-language version leads. The official text is always the reference.
The HONOR Act would end U.S. foreign tax credits and deductions for taxes paid to Russia.
35-second read · 4 questions answered below
The HONOR Act would change U.S. tax law to eliminate the foreign tax credit and deduction for taxes Americans pay to the Russian Federation. This applies even if it conflicts with existing U.S. tax treaties. It takes effect 30 days after becoming law and lasts until normal trade relations with Russia are restored.
U.S. companies and individuals with business operations, investments, or income sources in Russia that generate Russian tax obligations. Americans without business ties to Russia are not directly affected.
Removing the credit makes it more costly for Americans to conduct business generating Russian tax obligations, adding economic pressure on Russia as part of broader sanctions efforts.
AI-drafted summary. Verify it against the official text before you act on it. Read the official bill on Congress.gov
Right now: it passed the Senate and now goes to the House. If the House changes it, it goes back to the Senate before reaching the President.
Latest action: — Held at the desk.