Denies U.S. foreign tax credits and deductions for taxes paid to the Russian Federation, starting 30 days after enactment and continuing until normal trade relations with Russia are restored.

Official title: HONOR Act

Next stop House: awaiting action

Timeline each lane is a chamber; dates pull from congress.gov actions

House

Received 16-MAR-2026

Senate

Introduced 30-JAN-2025

Referred 30-JAN-2025

Passed 10-MAR-2026

Key points

Applies the existing foreign tax credit denial in Internal Revenue Code section 901(j) to the Russian Federation during a set period.
Ends the application period when the Harmonized Tariff Schedule normal trade rates for Russian products are resumed under the Suspending Normal Trade Relations with Russia and Belarus Act.
Bars a deduction for Russian taxes, with the deduction limit applying to taxes paid or accrued 90 days after enactment.
Applies these amendments regardless of any U.S. treaty obligation.

AI-generated from the Engrossed in Senate text of 10-MAR-2026 · verify · report an error

Official CRS summary

Covers an older version. The newest CRS summary describes the bill as of "Introduced in Senate" (30-JAN-2025); the text has changed since (Engrossed in Senate, 10-MAR-2026).

CRS is the Library of Congress's nonpartisan research office. Read it on congress.gov

Committee referrals (1)

Finance Committee (Senate)

Policy area

Taxation

Sponsor Catherine Cortez Masto (D-NV) Cosponsors · 1

■ 1 R

1 Republican

John Cornyn

congress.gov page Engrossed in Senate (10-MAR-2026) Introduced in Senate (30-JAN-2025)