119-s327

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 327 Introduced in Senate

    (IS) ]

<DOC>

119th CONGRESS
 1st Session
 S. 327

 To amend the Internal Revenue Code of 1986 to deny any foreign tax 
 credit or deduction with respect to taxes paid or accrued to the 
 Russian Federation.

_______________________________________________________________________

 IN THE SENATE OF THE UNITED STATES

 January 30, 2025

Ms. Cortez Masto (for herself and Mr. Cornyn) introduced the following 
 bill; which was read twice and referred to the Committee on Finance

_______________________________________________________________________

 A BILL

 To amend the Internal Revenue Code of 1986 to deny any foreign tax 
 credit or deduction with respect to taxes paid or accrued to the 
 Russian Federation.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

 This Act may be cited as the ``Hindering Oppressive Nations from 
Obtaining Revenue Act'' or ``HONOR Act''.

SEC. 2. DENIAL OF FOREIGN TAX CREDIT WITH RESPECT TO THE RUSSIAN 
 FEDERATION.

    (a) In General.--

Section 901

    (j)

    (2) of the Internal Revenue Code of 
1986 is amended by adding at the end the following new subparagraph:
 ``
            (C) Special rule for russia.--
 ``
            (i) In general.--This subsection shall 
 apply to the Russian Federation during the 
 period described in clause
            (ii) .
 ``
            (ii) Period of application.--The period 
 described in this clause with respect to any 
 country is the period--
 ``
            (I) beginning on the date that is 
 30 days after the date of the enactment 
 of this subparagraph, and
 ``
            (II) ending on the date on which 
 the resumption of the application of 
 the rates of duty set forth in column 1 
 of the Harmonized Tariff Schedule of 
 the United States to products of that 
 country takes effect pursuant to 
 

section 4

    (b) of the Suspending Normal 
 Trade Relations with Russia and Belarus 
 Act.''.

    (b) Deduction Denied.--

Section 901

    (j)

    (3) of such Code is amended by 
adding at the end the following new sentence: ``The preceding sentence 
shall not apply to any tax of any country to which paragraph

    (2)
            (C) applies.''.
            (c) Effective Dates.--

    (1) In general.--Except as provided in paragraph

    (2) , the 
 amendments made by this section shall take effect on the date 
 of the enactment of this Act.

    (2) Deduction limitation.--The amendment made by subsection

    (b) shall apply to taxes paid or accrued (or deemed paid or 
 accrued under 

section 960 of the Internal Revenue Code of 1986) 
 after the date that is 90 days after the date of the enactment 
 of this Act.

    (3) Nonapplication of treaty rules.--This section and the 
 amendments made by this section shall be applied without regard 
 to any treaty obligation of the United States.
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