SCHNEIDER, FITZPATRICK INTRODUCE BIPARTISAN HONOR ACT TO END TAX CREDITS FOR BUSINESSES DEALING IN RUSSIA

WASHINGTON, DC – Today, Congressman Brad Schneider (IL-10) and Congressman Brian Fitzpatrick (PA-01), members of the House Ways and Means Committee, announced the introduction of the Hindering Oppressive Nations from Obtaining Revenue Act or HONOR Act to eliminate the ability of firms and individuals to claim a foreign tax credit against taxes paid to the Russian government. Senators Cortez Masto and Cornyn introduced the Senate version in January, and it was passed by unanimous consent in April. 
 

“For more than twelve years, Russia has carried out an unprovoked war of aggression against Ukraine,” said Schneider. “All of Europe and the U.S. must stand with the Ukrainian people. We cannot allow companies that finance Russia’s regime and continue Putin’s illegal war to get a tax break. I’m glad to work with my colleague Rep. Fitzpatrick to hold Russia accountable, stand with our ally Ukraine, and protect our nation’s security.” 
 

“America’s tax code should never reward those who help bankroll the enemies of freedom. Every dollar paid to the Kremlin strengthens Vladimir Putin’s war machine and prolongs his brutal assault on Ukraine. The HONOR Act sends a clear message: companies that choose to finance tyranny will not be subsidized by the American taxpayer. We will stand with the Ukrainian people, defend the free world, and confront Russian aggression with the strength and resolve it demands,” said Fitzpatrick. 
 

The bill would add Russia to the Section 901(j) list of sanctioned countries, a list of countries in which taxes paid can’t be offset by the foreign tax credit. Currently, the list includes North Korea, Iran, Syria, and Sudan. 

View the full bill text here.