HONOR Act denies foreign tax credit for taxes paid to the Russian Federation.
The HONOR Act, or Hindering Oppressive Nations from Obtaining Revenue Act, amends the Internal Revenue Code to deny any foreign tax credit with respect to taxes paid or accrued to the Russian Federation. This change applies from 30 days after the enactment of the Act until the resumption of normal trade relations with Russia, as defined in the Suspending Normal Trade Relations with Russia and Belarus Act. The Act takes effect on the date of its enactment.
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