HONOR Act
Sponsored By: Representative Schneider, Bradley Scott [D-IL-10]
Introduced
Summary
Would temporarily deny foreign tax credits for taxes paid to the Russian Federation. The HONOR Act would add a special rule to the foreign tax credit that blocks credits for taxes paid or accrued to Russia during a defined window. That window starts 30 days after enactment and ends when U.S. tariff rates on Russian goods resume under the Suspending Normal Trade Relations with Russia and Belarus Act.
Show full summary
- U.S. companies with Russian operations: They would be unable to claim foreign tax credits for Russian taxes during the window, which could raise their U.S. tax bills or leave them bearing foreign tax costs.
- Russian government: The bill is designed to reduce the economic revenue flowing to the Russian Federation during that same period.
- Tax treaties and advisers: The denial would apply without regard to any treaty obligations, so treaty protections would not block the change.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Taxpayers lose foreign tax credit for Russia
If enacted, you would not be able to claim a foreign tax credit for taxes you paid or accrued to the Russian Federation during the covered period. The covered period would begin 30 days after enactment and would end on the date U.S. tariff rates on Russian products resume under section 4(b) of the Suspending Normal Trade Relations with Russia and Belarus Act. The amendment would take effect on the date of enactment and would apply without regard to any U.S. tax treaty.
Sponsors & CoSponsors
Sponsor
Schneider, Bradley Scott [D-IL-10]
IL • D
Cosponsors
Rep. Fitzpatrick, Brian K. [R-PA-1]
PA • R
Sponsored 7/16/2026
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov