[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 327 Engrossed in Senate (ES)]

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119th CONGRESS
  2d Session
                                 S. 327

_______________________________________________________________________

                                 AN ACT


 
  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.

            Passed the Senate March 10, 2026.

            Attest:

                                                             Secretary.
119th CONGRESS

  2d Session

                                 S. 327

_______________________________________________________________________

                                 AN ACT

  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.