Support Ukraine Through Our Tax Code Act This bill denies the foreign tax credit and the tax deduction for income, war profits, and excess profits taxes paid to Russia and Belarus. The bill also denies certain other tax benefits in connection with the invasion of Ukraine, including any tax treaty benefits and exemptions from withholding requirements. The bill suspends tax information exchanges for Russia and Belarus under a tax treaty or an intergovernmental agreement during the period of the Ukraine invasion.
Bank accounts, deposits, capitalBelarusConflicts and warsCongressional oversightEmployee benefits and pensionsEuropeForeign and international bankingForeign and international corporationsIncome tax creditsIncome tax deductionsIncome tax exclusionInterest, dividends, interest ratesInternational law and treatiesMilitary operations and strategyRussiaSales and excise taxesSecuritiesTax administration and collection, taxpayersTaxation of foreign incomeTransportation costsUkraineU.S. and foreign investments
Support Ukraine Through Our Tax Code Act
USA117th CongressS-4218| Senate
| Updated: 5/12/2022
Support Ukraine Through Our Tax Code Act This bill denies the foreign tax credit and the tax deduction for income, war profits, and excess profits taxes paid to Russia and Belarus. The bill also denies certain other tax benefits in connection with the invasion of Ukraine, including any tax treaty benefits and exemptions from withholding requirements. The bill suspends tax information exchanges for Russia and Belarus under a tax treaty or an intergovernmental agreement during the period of the Ukraine invasion.
Bank accounts, deposits, capitalBelarusConflicts and warsCongressional oversightEmployee benefits and pensionsEuropeForeign and international bankingForeign and international corporationsIncome tax creditsIncome tax deductionsIncome tax exclusionInterest, dividends, interest ratesInternational law and treatiesMilitary operations and strategyRussiaSales and excise taxesSecuritiesTax administration and collection, taxpayersTaxation of foreign incomeTransportation costsUkraineU.S. and foreign investments