Bill would end U.S. tax credits for taxes Americans pay to Russia
Passed one chamberS. 327Latest action
Sponsor: Catherine Cortez Masto · Senator · NV
AIDecoded by AI · checked against the recordRead the official text
Official title: HONOR Act
119th Congress
Topics: Jobs & the economy
Introduced:
Read the official bill on Congress.govIn plain words
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The HONOR Act would end U.S. foreign and deductions for taxes paid to Russia.
35-second read · 4 questions answered below
What does this do?
The HONOR Act would change U.S. tax law to eliminate the foreign and deduction for taxes Americans pay to the Russian Federation. This applies even if it conflicts with existing U.S. tax . It takes effect 30 days after becoming law and lasts until normal trade relations with Russia are restored.
Who does it affect?
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.
Why does it matter?
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.
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Where does it stand?
- IntroducedJan 30, 2025
- Senate committee
- Senate vote
- HouseYou are here · Mar 16, 2026
- The president's desk
Right now: it passed the Senate, and the official record shows nothing new since. If the House changes it, it goes back to the Senate before reaching the president.
Latest action: — Held at the desk.