What does Preamble of S 327 do?

This bill proposes to amend the Internal Revenue Code of 1986. The proposed amendment would deny foreign tax credits or deductions related to taxes paid or accrued to the Russian Federation.

What does SHORT TITLE. of S 327 do?

This Act is formally titled the Hindering Oppressive Nations from Obtaining Revenue Act.

What does DENIAL OF FOREIGN TAX CREDIT WITH RESPECT TO THE RUSSIAN of S 327 do?

This section amends the Internal Revenue Code of 1986 to deny foreign tax credits and deductions with respect to taxes paid or accrued to the Russian Federation. Section 901(j)(2) of the Internal Revenue Code is amended to establish a special rule for the Russian Federation, applying during a specific period. The period of application begins 30 days after the enactment of this subparagraph and ends when the rates of duty are resumed as specified in the Suspending Normal Trade Relations with Russia and Belarus Act. Section 901(j)(3) of the Internal Revenue Code is amended to clarify that the preceding sentence does not apply to taxes of countries to which paragraph (2)(C) applies. The amendments made by this section generally take effect on the date of enactment, except for the amendment in subsection (b), which applies to taxes paid or accrued after 90 days after the date of enactment. This section is to be applied without regard to any treaty obligation of the United States.

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HONOR Act — S. 327

Last updated: 3/10/2026 · Introduced: 1/30/2025

Author: Catherine Cortez Masto (D-NV)

TL;DR (AI)

This bill denies U.S. taxpayers foreign tax credits and deductions for taxes paid to the Russian Federation.
The denial of these credits and deductions applies for a period beginning 30 days after enactment and ending when normal trade relations with Russia are resumed.
This provision overrides any existing treaty obligations of the United States.

119th Congresspassed senateOfficial page

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Other Sections

Includes provisions on preamble, short title., and 1 more.

3 sections

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