119th Congress Taxation
S. 327: HONOR Act
Passed Senate
- Introduced (completed)
- Passed Senate (completed)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill prohibits a taxpayer from claiming the foreign tax credit (FTC) or an itemized tax deduction for taxes paid, accrued, or deemed paid to Russia.
Under current law, a taxpayer may claim the FTC for income, war profits, and excess profits taxes (or taxes imposed in lieu of these taxes) paid, accrued, or deemed paid to a foreign country (and certain U.S. possessions) or an itemized tax deduction for such taxes, both subject to limitations.
However, under current law, a taxpayer may not claim the FTC (but may claim an itemized tax deduction) for taxes paid to a foreign country if (1) the United States does not recognize the country’s government, (2) the United States severs or does not conduct diplomatic relations with the country, or (3) the country is designated by the Department of State as supporting international terrorist acts. (Currently, the FTC is disallowed for taxes paid, accrued, or deemed paid to Iran, North Korea, Sudan, and Syria.)
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Under the bill, a taxpayer may not claim the FTC for taxes paid, accrued, or deemed paid to Russia beginning 30 days after the date of enactment and until normal U.S. trade relations with Russia are restored (pursuant to requirements established by the Suspending Normal Trade Relations with Russia and Belarus Act).
The bill also disallows an itemized tax deduction for taxes paid, accrued, or deemed to be paid to Russia (effective 90 days after the date of enactment).
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- John Cornyn R-TXOriginal
Who scored on this bill
- 1Catherine Cortez Masto SponsorDrew cross-party cosponsors, introduced, discharged, passed Senate4 events+60
- 2John CornynCosponsored; cosponsored bill passed2 events+4
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Introductions and cosponsorships count toward weekly caps and show no points.
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History
- Passed the Senate by unanimous consent.
- Introduced in the Senate by Catherine Cortez Masto.
Show the full action history (8 actions)
- Message on Senate action sent to the House.
- Received in the House.
- Held at the desk.
- Senate Committee on Finance discharged by Unanimous Consent.
- Passed/agreed to in Senate: Passed Senate without amendment by Unanimous Consent.
- Passed Senate without amendment by Unanimous Consent. (consideration: CR S953; text: CR S953)
- Introduced in Senate
- Read twice and referred to the Committee on Finance.