The bill, S. 327, proposes an amendment to the Internal Revenue Code to stop U.S. taxpayers from claiming foreign tax credits or deductions for taxes paid to the Russian Federation. Known as the "Hindering Oppressive Nations from Obtaining Revenue Act" or "HONOR Act," it...
Simple Explanation
The bill wants to change the rules so that people in the U.S. can't get tax breaks for taxes they pay to Russia, and it will stay that way until things go back to normal between the countries.