Federal RuleAug 21
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DOL Rewrites Disability Rules for 'Merit-Based Opportunity' Push
RuleLabor DepartmentFederal Contract Compliance Programs OfficeSignificant Wallet
119-s-327119th CongressWALLET
HONOR Act
Sponsored By: Senator Cortez Masto, Catherine [D-NV]
Passed Senate
Summary
Creates a time-limited, Russia-specific restriction on foreign tax credits and deductions. It ties changes in how U.S. taxpayers get credits or deductions for taxes paid to Russia to U.S. tariff actions and sets precise start and effective dates.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
New rules on taxes paid to Russia
This bill would set a special rule for U.S. taxpayers who pay or accrue taxes to Russia. Starting 30 days after enactment, you would not be able to claim a U.S. foreign tax credit for those taxes. However, you would be allowed to deduct those taxes for amounts paid or accrued after 90 days after enactment (including amounts deemed paid under section 960). These rules would apply even if a tax treaty says otherwise. The special period would end when the U.S. restores standard “column 1” tariff rates for Russian goods under the Suspending Normal Trade Relations with Russia and Belarus Act.
Sponsors & CoSponsors
Sponsor
Cortez Masto, Catherine [D-NV]
NV • D
Cosponsors
Sen. Cornyn, John [R-TX]
TX • R
Sponsored 1/30/2025
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov