HONOR Act
Ending Tax Breaks for Business in Russia
Stalled
No legislative action in over 90 days.
Legislative Progress
Key Points
- This bill stops U.S. companies and individuals from claiming tax credits or deductions for any taxes they pay to the Russian government. Normally, the U.S. allows taxpayers to subtract taxes paid to foreign countries from their U.S. tax bill to avoid being taxed twice, but this bill removes that benefit for money paid to Russia.
- The goal of the policy is to make it much more expensive for American businesses to continue operating in Russia. By removing these tax breaks, the U.S. government is attempting to discourage financial support for the Russian government.
- The new rules would take effect 30 days after the bill becomes law for tax credits and 90 days after for tax deductions. These restrictions will remain in place until the U.S. officially decides to restore normal trade relations with Russia.
- This change applies regardless of any existing tax treaties the U.S. has with Russia. It represents a significant use of the tax code to put economic pressure on a foreign nation during a time of international conflict.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Message on Senate action sent to the House.
Held at the desk.
Received in the House.
The House has received the Senate-passed bill and will decide whether to take it up.
Passed Senate without amendment by Unanimous Consent. (consideration: CR S953; text: CR S953)
The Senate voted to approve this bill. If the House already passed it, it goes to the President.
Passed/agreed to in Senate: Passed Senate without amendment by Unanimous Consent.
The Senate voted to approve this bill. If the House already passed it, it goes to the President.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
HONOR Act
Data Sources
Sponsor
Cosponsors
(1)Analysis generated by AI. Always verify with official sources.