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Support Ukraine: Tax Code Changes for Russia and Belarus

This act modifies tax laws to limit financial benefits for entities and individuals connected to Russia and Belarus. The goal is to exert economic pressure due to the invasion of Ukraine. Citizens and businesses not linked to these countries will not experience direct changes to their taxes.
Key points
Companies and individuals paying taxes in Russia or Belarus will not be able to claim foreign tax credits or deductions in the U.S.
Certain tax benefits for foreign governments and central banks of Russia and Belarus will be suspended.
Tax information exchange between the U.S. and Russia and Belarus will be halted.
Businesses exiting Russia and Belarus may qualify for special transitional rules to avoid adverse tax consequences.
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Expired
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Additional Information
Print number: 117_S_4218
Sponsor: Sen. Wyden, Ron [D-OR]
Process start date: 2022-05-12
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Support Ukraine Through Our Tax Code Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_4218.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-05-12.

What are the main provisions?

Key points include:

  • Companies and individuals paying taxes in Russia or Belarus will not be able to claim foreign tax credits or deductions in the U.S.
  • Certain tax benefits for foreign governments and central banks of Russia and Belarus will be suspended.
  • Tax information exchange between the U.S. and Russia and Belarus will be halted.
  • Businesses exiting Russia and Belarus may qualify for special transitional rules to avoid adverse tax consequences.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Wyden, Ron [D-OR].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Taxes Economy