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No Tax Credits for Payments to Russia

This new law aims to prevent U.S. companies from deducting taxes paid to Russia from their federal tax obligations. This means businesses operating in Russia will no longer be able to reduce their U.S. tax bill by the amount of taxes paid there. The goal is to limit financial flows to Russia and increase the cost of doing business in that country.
Key points
U.S. companies cannot claim foreign tax credits or deductions for taxes paid to the Russian Federation.
This change is intended to increase economic pressure on Russia.
The rules take effect shortly after enactment, overriding existing treaty obligations.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_S_327
Sponsor: Sen. Cortez Masto, Catherine [D-NV]
Process start date: 2025-01-30
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

HONOR Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_S_327.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2025-01-30.

What are the main provisions?

Key points include:

  • U.S. companies cannot claim foreign tax credits or deductions for taxes paid to the Russian Federation.
  • This change is intended to increase economic pressure on Russia.
  • The rules take effect shortly after enactment, overriding existing treaty obligations.
What is the specific legal status?

The current status is Introduced.

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. Cortez Masto, Catherine [D-NV].

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 2025-12-23.

CATEGORIES

Taxes Economy