S.327

This bill denies foreign tax credits or deductions 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 or deduction for taxes paid or accrued to the Russian Federation. This change applies to taxes after 90 days from the bill's enactment. The bill takes effect on the date of enactment, except for the deduction limitation which applies to taxes after 90 days. The changes apply without regard to any treaty obligations of the United States.